Which of the following is not a supply shifter?
A. Level of technology.
B. Weather.
C. Prices of inputs.
D. Average income level.
Answer: D
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If potential GDP for the first quarter of 2013 = $75.8 billion, and real GDP for the first quarter of 2013 = $80.3 billion, then the output gap was
A) -5.9%. B) -5.6%. C) 5.6%. D) 5.9%.
African countries contain a third of the world's population and over half of the world's extreme poverty
Indicate whether the statement is true or false
When the slope of the total production curve begins to flatten:
A. additional inputs adds less to total production than the inputs added before. B. diminishing marginal product must be occurring. C. the marginal product must be decreasing. D. All of these are true.
Figure 7-7
In the price range between $3 and $4, the price elasticity of the demand curve depicted in is
a.
highly elastic.
b.
approximately equal to -0.33.
c.
approximately equal to -3.
d.
of unitary elasticity.