Over the last century, U.S. real GDP per person grew at a rate of about
a. 2 percent per year, so that it is now 2 times as high as it was a century ago.
b. 2 percent per year, so that it is now 8 times as high as it was a century ago.
c. 4 percent per year, so that it is now 2 times as high as it was a century ago.
d. 4 percent per year, so that it is now 8 times as high as it was a century ago.
b
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An increase in the marginal propensity to consume (MPC) leads to a decrease in the spending multiplier
a. True b. False Indicate whether the statement is true or false
A tax on a good
a. raises the price that buyers effectively pay and raises the price that sellers effectively receive. b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive. c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive. d. lowers the price that buyers effectively pay and lowers the price that sellers effectively receive.
The demographic transition view of population and growth in DVCs is that:
A. The most important factor affecting population growth in DVCs are demographic changes among the elderly B. Slower population growth is neither desirable nor productive for DVCs given the state of the economies in these nations C. Reduced birthrates must come first in DVCs, and then higher per capita incomes will follow D. Higher per capita incomes must come first in DVCs, and then reduced birth rates will follow
The value of a slice of pizza to a consumer is equal to
A) its marginal benefit. B) the maximum price the consumer is willing to pay. C) the consumer surplus. D) Both answers A and B are correct. E) Both answers B and C are correct.