Reasons for studying economics include
a. all of the following
b. to better understand world issues by applying the tools of economic analysis
c. to help design more effective solutions to society's problems
d. to help prepare for careers in fields such as law and politics
e. to better understand the impact of world events on an individual's life
A
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Monopolistically competitive firms increasing their advertising will definitely achieve which of the following?
A) shift their average total cost curve up B) shift their demand curve to the right C) increase their economic profit D) shift their demand curve to the right and shift their average total cost curve up
As the price of video games is raised from $40 to $45, their quantity demanded fell from 1.5 million copies to 1.2 million copies. The elasticity of demand of video games is:
a. 0.25 b. 1.89 c. 1.66 d. 2.08
Which of the following statements is correct?
a. If the buyer of a good gains, the seller must lose an equal amount. b. The value of goods is objective; it is equal to the cost of supplying the good. c. Opportunity costs will always be incurred when scarce resources are used to produce a good. d. Changes in incentives generally have no effect on human behavior.
Last year the imaginary nation of Freedonia had a population of 2,800 and real GDP of 16,800,000 . This year it had a population of 2,700 and real GDP of 15,390,000 . About what was the growth rate of real GDP per person between last year and this year?
a. -5.3 percent b. -5 percent c. 5 percent d. 5.3 percent