The high-income nations of the world—including the United States, Canada, the Western European countries, and Japan—typically have GDP per capita in the range of _____________.
a. $6,000 to $12,000
b. $20,000 to $50,000
d. $60,000 to $80,000
d. $80,000 to $120,000
b. $20,000 to $50,000
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Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue?
a. "Central Bank Raises Interest Rates" b. "Auto Dealership to Cut Prices" c. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers" d. "United Workers Union to Strike April 15" e. "Brazilian Coffee Bean Crop Falls by 10 Percent"
Answer the following statement true (T) or false (F)
1) About two-thirds of all federal spending is for national defense. 2) A progressive tax takes relatively more from the rich than it does from the poor. 3) The benefits-received principle of taxation is used to support corporate and personal income taxes. 4) Sales taxes are proportional in relation to income because the same tax rate applies regardless of the size of a purchase.
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of fish. When the price of sausages rises to $3.00 per pound, 60 pounds of fish are purchased. The cross price elasticity of demand between sausages and fish is approximately equal to
A) +0.04. B) -0.45. C) +2.20. D) +0.45.
When a monopolist is ________, it has equated marginal revenue and marginal cost.
A. breaking even B. producing efficiently C. maximizing its total revenue D. maximizing profits