On average, U.S. real GDP has grown roughly _____ percent per year.
A.) One.
B.) Three.
C.) Seven.
D.) Five.
B.) Three.
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Deb's income has just risen from $950 per week to $1,050 per week. As a result, she decides to increase the number of movies she attends each month by 5 percent. Her demand for movies is
A) represented by a vertical line. B) represented by a horizontal line. C) income elastic. D) income inelastic.
Explain why average total costs initially decrease and then increase as output increases
What will be an ideal response?
If a country has a bowed out (concave to the origin) production possibility frontier, then production is said to be subject to
A) constant opportunity costs. B) decreasing opportunity costs. C) first increasing and then decreasing opportunity costs. D) increasing opportunity costs.
Coffee and cream:
A) are both luxury goods. B) are complements. C) are both more inelastic in demand in the long run than in the short run. D) have a positive cross price elasticity of demand.