Which of the following is the basic measure of a nation's economic growth rate?
(A) Nonmarket activities over a given period of time.
(B) Percentage change of real GDP over a given period of time.
(C) Standard of living over a given period of time.
(D) Leading indicators over a given period of time.
Ans: (B) Percentage change of real GDP over a given period of time.
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Suppose the United States has a Gini coefficient of 0.4 and Sweden has a Gini coefficient of 0.25. Which of the following statements is true?
A) Income distribution is changing faster in the United States. B) The distribution of income is more equal in the United States. C) Without information on population, it is not possible to compare income distribution between countries. D) The distribution of income is more equal in the Sweden.
There are three goods you are interested in purchasing, X, Y and Z. You notice that the price of Z has fallen. Given that the cross price elasticity between Z and Y is ?1.5; the cross price elasticity between Y and X is 3.0, and the cross price elasticity between Z and X is 0.50 . It would make sense that:
a. Z and X are complements; Y and X are substitutes. b. Y and X are substitutes; Y is complementary to Z. c. X and Z are unrelated; Y is complementary to X. d. X and Z are complements; Y and Z are substitutes.
Average variable cost equals
A) TC/Q. B) TVC/Q. C) TFC/Q. D) change in total cost/change in output.
If government increases taxes by the same amount it increases government spending, there will be no effect on aggregate demand: the increase in government spending is offset by an equal decrease in consumption spending by households
Indicate whether the statement is true or false