Last year real GDP per person in the imaginary nation of Olympus was 4,250 . The year before it was 4,100 . By about what percentage did Olympian real GDP per person grow during the period?
a. 1.6 percent
b. 2.5 percent
c. 3.7 percent
d. 6 percent
c
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In the national income accounts, government expenditure on goods and services refer to those purchases made by
A) federal and state governments only. B) the federal government only. C) state and local governments only. D) all levels of government.
All of the following are true for the leader firm in a Stackelberg oligopoly with a linear demand and marginal cost except which one?
A) The leader earns more profit than the follower second firm. B) The leader earns more profit than if it operated in a Chamberlin oligopoly. C) The leader has first-mover advantage. D) The leader takes the follower second firm's best-response production into consideration when determining its output level.
A manufacturer of digital music players uses a proprietary file format that is not used by the other firms in the market
This action by the firm may be an example of using a ________ to reduce the number of firms in the market and to maintain a relatively inelastic demand for its products. A) natural monopoly B) positive externality C) subsidy D) barrier to entry
The supply of foreign exchange to the United States is generated by the desire for foreigners to acquire dollars for all except one of the following reasons. Which is the exception?
a. The United States is considered a safe haven in times of political unrest. b. The dollar has long been accepted as an international medium of exchange. c. Foreigners want to buy U.S. assets. d. U.S. goods have become less attractive to foreigners. e. Foreigners wish to make cash gifts to family in the United States.