Refer to Table 19-17. What is nominal GDP in 2016?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
D
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $9 to $7 is
A. -1.16. B. -2.27. C. -.63. D. -1.60.
Because economic profits are eliminated in the long run in monopolistic competition, to earn an economic profit firms continuously
A) shut down. B) exit the industry. C) innovate and develop new products. D) declare bankruptcy. E) decrease their costs by decreasing their selling costs.
About how many people out of 7 billion live on just $1.25 a day in the world?
A. 700 million B. 500 million C. 1.5 billion D. 2 billion
According to Milton Friedman, how will your consumption be affected by a $2,00 . fine for littering and a $50 cut in your weekly salary that your boss told you to get used to it because it's here to stay? Explain