If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 250 million, then output per person:
A. doubles.
B. remains constant.
C. increases, but by less than 100 percent.
D. decreases
Answer: D
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Specialization leads to
a. increases in production because labor uses more advanced technology b. decreases in production because each resource becomes less productive c. increases in production because more resources are being used d. increases in production because each resource becomes more productive e. increases in production because capital is more productive than labor
If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100, what is the absolute value of the own price elasticity at a price of $7 using the arc formula?
A. 1.2 B. 0.57 C. 1.24 D. 0.02
Command-and-control policies generally reduce pollution more than pollution taxes do.
Answer the following statement true (T) or false (F)
The total value added
A. equals the sum of the prices on the intermediate goods. B. equals the retail price less the wholesale price. C. equals the retail price. D. equals the wholesale price.