Income per person in the United States is approximately ____ that of Sierra Leone, Malawi, and Niger, three of the world's poorest countries
Fill in the blank(s) with the appropriate word(s).
50 times
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The economy's self-correcting mechanism tends to push the unemployment rate back to a specific rate of unemployment. How?
If Jane attends graduate school, it will take her two years, during which time she will earn no income. She will pay a total of $100,000 for tuition, $20,000 for room and board, and $2,000 for books. If she spends the two years working rather than attending college, she will pay a total of $18,000 for room and board, pay no intuition, and buy no books. Based on this information, Jane's economic
cost of attending graduate school would be $175,000 if, over the two years, she could earn a total of a. $53,000 instead of attending graduate school. b. $55,000 instead of attending graduate school. c. $71,000 instead of attending graduate school. d. $73,000 instead of attending graduate school.
When demand is inelastic, a decrease in price will cause
a. an increase in total revenue. b. a decrease in total revenue. c. no change in total revenue but an increase in quantity demanded. d. no change in total revenue but a decrease in quantity demanded.