Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00If the oranges were grown and the jam produced in the year 2015, but the marmalade was sold at The Corner Store in the year 2016, what is the contribution of these transactions to GDP in the year 2016?
A. $0.00
B. $0.50
C. $2.50
D. $2.00
Answer: B
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A. were falling sharply. B. were rising rapidly. C. increased slowly. D. did not change.
Draw the point of consumer equilibrium from an indifference map and budget line. Explain why this is the point of optimization. Be sure your diagram is fully and correctly labeled.
What will be an ideal response?
In order for society to have a rising standard of living, output must grow: a. at a slower rate than the labor force. b. at the same rate as the population. c. faster than the population
d. at a slower rate than the population. e. at a slower rate than infrastructure.
Between 1980 and the early 1990s, the national debt
a. as a percentage of GDP, decreased b. remained fairly constant c. as a percentage of GDP, remained relatively unchanged d. as a percentage of GDP, increased e. declined