If real GDP increases by 5 percent and the population increases by 10 percent during the same period, real GDP per capita
a. increases.
b. decreases.
c. remains unchanged.
d. increases if prices rise.
b. decreases.
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Which of the following is true? a. It is possible to eliminate a surplus by raising a price floor sufficiently. b. It is possible to create a surplus by raising a price ceiling sufficiently
c. It is possible to eliminate a shortage by raising a price ceiling sufficiently. d. It is possible to create a shortage by lowering a price floor sufficiently.
A home has been on the market for an extended amount of time without much interest from buyers. The sellers decide to purchase and include a home warranty insuring against major defects with the home. The warranty is an example of a(n)
a. signal. b. screen. c. moral hazard. d. adverse selection.
In spite of less-than-optimal currency area criteria at present in the Eurozone, some believe that the existence of a working currency union will result in:
A) an improvement in the criteria, as the union members are committed to work for more integration. B) a gradual deterioration of the union, as members seek benefits from having an autonomous monetary policy. C) tension and a power struggle over which will be the dominant economy in the union. D) more delay in implementing needed reforms.
Suppose that a male police officer earns more than a female administrative assistant, but they both have the same amount of education. The difference in wages:
A. can be attributable to the increased danger of being a police officer. B. must be due to discrimination against women among police departments. C. will disappear once the labor market has reached equilibrium. D. is a violation of anti-discrimination laws.