Equilibrium price is _____ and equilibrium quantity is _____ units.
A. $4; 4
B. $6; 10
C. $8; 16
D. $8; 10
B. $6; 10
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According to the "Rule of 70," how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?
A) less than 1 year B) 5 years C) 14 years D) 35 years
Which of the following countries has experienced negative economic growth in the last 20 years?
A) Zimbabwe. B) Chad. C) The United States. D) China.
Evidence suggests that, following some exogenous shock, exchange rates change
A) before prices change. B) after prices change. C) at the same time prices change. D) None of the above.
Consider that you are a government economist asked by a state legislature to apply excise taxes to a variety of goods sold in your state. You know you want to minimize the excess burden of taxation so you apply the Ramsey Rule
This means that you tell the legislature to _____. a. set the tax rates proportional to the elasticities of demand for each good b. set the tax rates in inverse proportion to the elasticities of demand for each good c. set the tax rates proportional to the elasticities of supply for each good d. set the tax rates in inverse proportion to the elasticities of supply for each good