Which of the following is included in U.S. GDP?
i. the rental value of homes owned by U.S. citizens
ii. the production of Suburban SUVs by GM in its plant in Mexico
iii. tickets sold by U2 for concerts held in the United States
A) i only B) ii only C) ii and iii D) i, ii and iii E) i and iii
E
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Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67
If the price of gasoline was now measured in cents rather than dollars, the price elasticity of demand would now be A) 0.0067. B) 0.67. C) 6.7. D) 67.0.
Which of the following does not describe governmental policy actions that are helpful in supporting growth in an economy? Governmental policies that
A) provide secure rights to private property. B) establish an independent court system that enforces contracts. C) facilitate the development of an efficient financial system. D) avoid playing any role in developing communication systems.
In the figure above, what is the interval elasticity of demand over the price range $60 to $80?
A. -0.75 B. -2.00 C. -1.40 D. -1.00 E. -1.10
If people expect the price of packaged coffee to rise next week, coffee demand will:
A. decrease now. B. increase now. C. stay the same now and increase next week. D. stay the same now and decrease next week.