Per capita GDP, a measure of worker productivity, reflects:
a. the average quantity of goods and services available per person in a nation
b. the dollar value of a nation's output produced by an average worker in one hour.
c. the economic growth rate of a nation adjusted for inflation.
d. the ratio of inputs to the total output of an economy.
a
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Suppose a monopolist's demand curve lies below its average variable cost curve. The firm will:
a. earn an economic profit. b. stay in operation in the short-run. c. shut down. d. none of these.
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
Which of the following causes a leftward shift in the short-run aggregate supply curve?
A. an increase of goods prices while nominal incomes are unchanged B. an increase in nominal incomes (wages and salaries) C. an increase of full-employment real GDP D. an increase of personal consumption expenditures while the price level is unchanged
Which of these examples is an example of price discrimination?
A. Seniors pay one price at the movie theater and adults pay more. B. Cereal manufacturers put discount coupons inside their cereal boxes. C. Wholesale prices differ from retail prices. D. Goods are marked down on sale.