YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP per capita from 1999 to 2000?
A. 3.00%
B. 0.03%
C. 11.56%
D. 2.91%
Answer: A
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Which of the following best illustrates the free rider problem?
A) For every purchase of a $100 season pass, you are entitled to free entry to an amusement park for the entire summer. B) If your neighbors redo the landscapes in their yards, it is likely that the value of your house will increase. C) Since no one owns rhinos and rhinos are valued for their horns, rhinos can be hunted to extinction. D) Homeowners in a small neighborhood decide that security lighting is good for the neighborhood. One homeowner installs the lighting and asks you to contribute toward the cost, but you choose not to contribute.
Under perfect competition, if an industry is characterized by positive economic profits in the short run:
a. firms will leave the market in the long run and the short-run supply curve will shift outward. b. firms will enter the market in the long run and the short-run supply curve will shift outward. c. firms will enter the market in the long run and the short-run supply curve will shift inward. d. firms will leave the market in the long run and the short-run supply curve will shift inward.
In what sense is it a cost that people must spend time and resources coping with inflation?
a. Because the loss of time and resources frustrates people unnecessarily b. Because the time and resources could have been used to produce something else instead c. Because the time and resources could have been wasted elsewhere d. Because the time and resources are a sunk cost e. Because the time and resources are insufficient to cope with the problem
Which statement is true?
A. Most oligopolies have many firms. B. The U.S. auto industry has a concentration ratio of 50 percent. C. Administered prices are most likely to occur under monopoly. D. In the U.S. today collusion is illegal but nevertheless still exists.