Real GDP will increase
A) only if the quantity of final goods and services produced rises.
B) if either the price level rises or the quantity of final goods and services produced rises.
C) only if the price level rises.
D) only if the price level falls.
A
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Refer to Figure 3-1. If the product represented is an inferior good, an increase in income would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
Suppose the monopolist only sold the goods separately. What price will the monopolist charge for Good 2 to maximize revenues for good 2?
a. $2,300 b. $2,800 c. $1,200 d. $1,700
The Gini coefficient is 0.27 for Japan and 0.45 for the U.S. This means that Japan
a. is not growing as fast as the U.S. b. is growing faster than the U.S. c. has a smaller population income ratio than the U.S. d. has a larger population income ratio than the U.S. e. has a more equal distribution of income than the U.S.
Who among the following enjoys some form of property rights?
A) A common homebody B) A small business owner C) A bondholder D) A state senator E) All of the above.