Which of the following statements about real GDP per capita is correct?
A. Real GDP per capita is inversely related to quality of life measures such as productivity and life expectancy.
B. Real GDP per capita is more accurately recorded in IACs than in LDCs.
C. Countries with higher real GDP per capita have lower per capita energy consumption.
D. Real GDP per capita in the United States is about seven times larger than in Ethiopia.
Answer: B
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The firm in a perfectly competitive industry is a
A) price taker. B) price maker. C) price seeker. D) price dealer.
A consequence of adverse selection is:
A. buyers gain surplus they would have lost with complete information. B. sellers gain surplus they would have lost with complete information. C. transactions do not take place that would have been possible if the parties had the same information. D. buyers make irrational decisions because they lack information.
Suppose the required reserve ratio is 0.1 and Linda deposits $4,000 in cash at the College State Bank. If the bank held no excess reserves before Linda's deposit and now increases its reserves by $500, which of the following is true? a. The bank must have lent out an additional $4,000. b. $500 is the value of the bank's required reserves
c. The bank now has excess reserves of $100. d. Both the bank's assets and its liabilities rise by $500. e. The bank now has $500 in excess reserves.
Figure 32-1
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In Figure 32-1, there are four levels of income. G is government expenditures and TT is taxes less transfers. At which level of income is the actual deficit the greatest?
A. Y4 B. Y3 C. Y2 D. Y1