When was the last year that GDP per capita in North Korea was approximately equal to GDP per capita in South Korea?
A) 1950
B) 1970
C) 1990
D) 2000
E) none of the above
B
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Real GDP is measured in ________ prices; nominal GDP is measured in ________ prices.
A. current; current B. current; base year C. base year; base year D. base year; current
Consider a short-run equilibrium in a perfectly competitive market. Suppose that the firms' average total cost and marginal cost schedules differ. In the short run,
A) all firms in the market must be able to make an economic profit. B) all firms produce equal amounts of output. C) some firms might incur an economic loss, but still produce output. D) some firms might make an economic profit and, as a result, shut down. E) all firms in the market must be able to make either positive or zero economic profit.
Refer to the figure above. With the tariff, the quantity of imports falls to
A) 10,000 units. B) 12,000 units. C) 14,000 units. D) 22,000 units.
You go to the movieplex where movies ordinarily cost $9 . You are intending to see a movie for which you have a $3 off coupon good for only that movie at that time. However, when you get there you see a friend who asks if you would rather see a new release. Both movies start and end at the same time. If you decide to see the new release with your friend, what is your opportunity cost?
a. the amount you value the first movie + $3 b. the amount you value the first movie + $9 c. $3 d. $9