Real output per capita is calculated by
a. multiplying the population by GDP
b. dividing nominal GDP by the population
c. dividing the population by nominal GDP
d. dividing real GDP by the population
e. dividing the population by real GDP
D
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Suppose x is an inferior good. Then we will overestimate the deadweight loss from taxes on consumption good x if we use the uncompensated demand curve rather than the marginal willingness to pay (or compensated demand) curve.
Answer the following statement true (T) or false (F)
Suppose your economics professor has an extra copy of textbook that he or she would like to give to a student in the class. Which of the following schemes is the most likely to result in an efficient outcome?
A. Auctioning off the textbook to the highest bidder. B. Letting students take turns using the textbook. C. Randomly selecting one student to receive the textbook. D. Giving the textbook to the student who has the lowest midterm score.
Long-run average costs at any output level will:
A. always be greater than or equal to short-run average total costs. B. always be less than or equal to short-run average total costs. C. sometimes be less than and sometimes greater than short-run average total costs. D. always be equal to short-run average total costs.
Refer to the above diagram. A decrease in demand is depicted by a:
A. shift from D2 to D1. B. move from point y to point x. C. move from point x to point y. D. shift from D1 to D2.