The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information.
B) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines.
C) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines.
D) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines.
A
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People come to expect that the price of a gallon of gasoline will rise next week. As a result,
A) today's demand for gasoline and today's supply of gasoline do not change. B) next week's supply of gasoline decreases. C) the price of a gallon of gasoline falls today. D) today's supply of gasoline increases. E) today's demand for gasoline increases.
The windfall profits tax on oil will curtail oil production if
a. oil executives decide to be spiteful. b. the demand for oil is inelastic. c. the supply curve for oil is upward sloping. d. the supply curve for oil is vertical.
Frieda wishes to buy a house worth $400,000 in the southern part of Florencia. If she decides to save half of her income from now on, which of the following is most likely to be true in this scenario? a. Her consumption function will be flatter
b. Her consumption function will be steeper. c. Her consumption function will shift upward. d. Her consumption function will shift downward.
The results of a 2008 Los Angeles Times poll suggest that a significant majority of Americans believe that free international trade helps the American economy
a. True b. False Indicate whether the statement is true or false