Per capita GDP is the most practical way to:
A. Measure how much income households receive.
B. Measure how much output can be consumed on a sustainable basis.
C. Measure how much output is potentially available to the average person.
D. Analyze the growth rate of the economy over time.
Answer: C. Measure how much output is potentially available to the average person.
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When the European System of Central Banks uses main refinancing operations, it is similar to the Federal Reserve using
A) dynamic open market operations. B) defensive open market operations. C) discount policy. D) reserve requirements.
The fact that a monopoly has to take the shapes of marginal cost AND marginal revenue into account when making decisions is reflected in the fact that
A) monopolies don't have a supply curve. B) monopolies don't have a demand curve. C) monopolies have the same supply curve as perfectly competitive firms. D) monopolies maximize profit.
If a six-sided die is rolled 90,000 times and a number one appears 15,000 times, the relative frequency of the number one appearing is ________.
A) 0.167 B) 90,000 C) 0.667 D) 15,000
As DVDs become popular substitutes for video cassettes, demand for video cassettes is likely to
a. become less price elastic b. become more price elastic c. increase d. stay the same e. become unit elastic