To calculate the growth rate of a variable, you will
A) calculate the percentage change from one time period to the next.
B) calculate the difference between the two variables.
C) add the ending value to the beginning value.
D) divide the increase by the number of time periods.
A
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Which one of the following events will reduce GDP?
a. Mrs. Lee hires a housekeeper. b. You buy the ingredients to bake a loaf of bread, but you burn the bread and throw it away. c. You decide to work five more hours per week at your bookkeeper job, even though you need more time to study. d. An automobile manufacturer lays off 200 workers as the result of a fire in the paint shop.
A village has five residents, each of whom has an accumulated savings of $50. Each villager can use the money to buy a government bond that pays 10% interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons, which in turn depends on the number of goats sent onto the commons, as shown in the table below. Assume that if a villager is indifferent between buying a bond and buying a goat, the villager will buy a goat. Number of goatson the commonsPrice per 2-yearold goat ($)Income pergoat ($/year)180302752537020465155555 The villagers will buy a year-old goat if the goat can be sold for a price of at
least ________ when it is 2 years old. A. $65 B. $55 C. $75 D. $70
Which of the following is characteristic of a downturn in the business cycle?
A. Increased aggregate demand. B. Lower unemployment rates. C. Lower real output. D. None of the choices are correct.
The In the News article "A Sirius Mistake? FCC Approves XM-Sirius Merger" discusses the merger of two satellite radio companies. In some industries, mergers can be economically justified if economies of scale
A. Act as a barrier to entry. B. Increase the total cost of production. C. Lower the average cost of production. D. Result in more product variety.