Which of the following best measures improvements in the standard of living of a nation?
A. Growth of nominal GDP.
B. Growth of real GDP.
C. Growth of real GDP per capita.
D. Growth of national income.
C. Growth of real GDP per capita.
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In perfect competition, each firm's output is a large fraction of total market supply
a. True b. False
Which of the following is not an argument used in favor of protectionism?
a. To preserve national security. b. To reduce prices paid by domestic consumers. c. To protect against "unfair" competition because of cheap foreign labor. d. To protect an "infant" industry. e. To protect domestic jobs.
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.The outcome of the game in the figure shown predicts that Joe will earn utility of:
A. 9. B. 13. C. 5. D. 7.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.