If real GDP per person were equal to $2,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $4,000
B. $2,210
C. $20,000
D. $5,410
Answer: D
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In the scenario above, as a result of increased advertising, Talbot's economic profit
A) decreases by $500. B) increases by $170. C) increases by $750. D) decreases by $100.
An increase in an individual's income without changing relative prices will
a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y axis.
Which question is an illustration of a macroeconomic question?
A. Is a corporation unresponsive to the demands of its customers? B. Is a consumer boycott an effective means of reducing a product's price? C. How will the government's budget deficit be affected by public infrastructure projects? D. Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline?
How is the price-change formula to predict the change in the equilibrium price resulting from a change in demand calculated?
A. by dividing the percentage change in price by the sum of the price elasticities of supply and demand B. by dividing the percentage change in demand by the sum of the price elasticities of supply and demand C. by dividing the percentage change in supply by the sum of the price elasticities of supply and demand D. by dividing the percentage change in income by the sum of the price elasticities of supply and demand