The growth rate of real GDP per capita is best captured by subtracting the percentage changes in:
A. both prices and population from the nominal GDP growth rate.
B. population from the nominal GDP growth rate, while dividing it by the inflation rate in order to hold prices constant.
C. prices from the nominal GDP growth rate and not the population growth.
D. population from the nominal GDP growth rate and not the percentage changes in prices.
A. both prices and population from the nominal GDP growth rate.
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Cross elasticity of demand for
a. substitutes will normally be positive. b. complements will normally be positive. c. substitutes will normally be negative. d. complements will normally be infinite.
Above the shutdown point, a competitive firm's supply curve coincides with its:
A. marginal revenue curve. B. ?marginal cost curve. C. ?average variable cost curve. D. ?average total cost curve.
In Figure 4.1, the demand curve along which price elasticity of demand changes as you move along it is on graph:
A. A. B. B. C. C. D. D.
The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.