Measured in 1990 dollars, the GDP per person of the world was $667 in 1813. By 2003, the world's income per person had risen to
What will be an ideal response?
6,516, nearly ten times the level of 1813
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Refer to Figure 13-2. Ceteris paribus, an increase in the expected future price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding?
a. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. b. The number of farmers selling soybeans decreases. c. Consumers' income increases, and soybeans are a normal good. d. The number of consumers buying soybeans increases.
For a monopoly, when the price effect outweighs the quantity effect of increased production:
A. the demand must be price inelastic. B. marginal revenue must be increasing. C. total revenues will increase. D. All of these statements are true.
Figure 3-15
Refer to . Which area represents the increase in producer surplus when the price rises from P1 to P2 due to new producers entering the market?
a.
BCE
b.
ACF
c.
DEF
d.
AFEB