If a local diner can sell 50 burgers per day at a price of $5 each, but must reduce the menu price to $4.95 to sell one more burger, what is the marginal revenue of the 51st burger?
A. $252.45.
B. $2.45.
C. -$0.05.
D. $4.95.
Answer: B
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Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. better education, health and life expectancy. B. poverty, depletion of nonrenewable resources, and congestion. C. crime, pollution, and economic inequality. D. unemployment, availability of goods and services, and better education.
Use the following graph to answer the next question.
If this economy was an open economy without a government sector, the level of real GDP would be
A. $300 billion. B. $200 billion. C. $100 billion. D. $400 billion.
The FDIC was created in
A) 1863. B) 1913. C) 1934. D) 1991.
Voluntary free trade results in:
a. population growth. b. inflation. c. higher living standards. d. income disparity. e. unemployment.