If the long-term labor force growth rate is 1.2% and the long-term productivity growth rate is 2.4%, then the
A. spending multiplier is 2.
B. potential growth rate is 3.6%.
C. real GDP per capita growth rate is 0.5%.
D. short-term growth rate is 1.2%.
Answer: B
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If an economy has no money, then all transactions must be conducted through the use of ________
A) credit cards B) barter C) debit cards D) tobacco or wampum
Ali's Gyros operates near a college campus. Ali has been selling 120 gyros a day at $4.50 each and is considering a price cut. He estimates that he would be able to sell 200 gyros per day at $3.50 each
a. Calculate the price elasticity of demand using the midpoint formula. b. Calculate the change in revenue as a result of the price cut.
The government's chief forecasting gauge for business cycles is the:
a. unemployment rate. b. real GDP. c. personal income index. d. index of leading indicators.
If a profit-maximizing firm's fixed cost of producing widgets falls,
a. its total cost curve is unaffected. b. its marginal cost curve shifts down. c. the firm will produce more widgets. d. the firm's average profit per widget produced rises.