An increase in both the equilibrium price and the equilibrium quantity of DVD players is best explained by:
A. a decrease in the supply of DVD players.
B. an increase in the supply of DVD players.
C. a decrease in the demand for DVD players.
D. an increase in the demand for DVD players.
Answer: D
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If a person without a job is not actively looking for work, that person is classified as not being in the labor force
Indicate whether the statement is true or false
Refer to the above figure. A perfectly competitive firm that is in long-run equilibrium will be operating
A) with positive economic profits. B) at a quantity greater than point E. C) at a quantity less than point E. D) at point E.
The Rand Corporation estimates that the external costs imposed by alcohol consumption (for example, deaths caused by drunk drivers) to be 48 cents per ounce consumed. Taxes on alcohol amount to 23 cents per ounce consumed. This information suggests: (i) alcohol is overconsumed; (ii) alcohol taxes should be raised. Which of these statements is correct?
a. i and ii b. i not ii c. ii not i d. neither i nor ii
This year, real GDP per person in Country A is eight times real GDP per person in Country B
If Country B's real GDP per person grows at a rate of 5 percent, about how many years will it take for Country B to reach the level of real GDP per person in Country A in this year? A) 42 years B) 56 years C) 14 years D) 28 years E) It will never reach Country A's level of GDP per person.