The following data show Uruguay's GDP using purchasing power parity in billions of dollars
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP($) 26.1 25.8 23.3 24.3 27.9 30.1 33.9 37.2 40.2
Using the data, we can conclude that
A) Uruguay's economy reached a peak in 2000.
B) GDP per person in Uruguay almost doubled between 2000 and 2008.
C) potential GDP in Uruguay doubled between 2000 and 2008.
D) Uruguay's economy was entered a recession in 2008.
A
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A perfectly competitive firm has an 80 percent probability of a high demand of $10 and a 20 percent chance of a low demand of $8. To maximize expected profit, the firm should produce the quantity that sets the marginal cost equal to ________.
A) $9.60 B) $10.00 C) $9.20 D) $8.00
In the market for natural gas, a particularly mild winter will lead to: a. a decrease in the demand and an increase in both equilibrium price and quantity
b. an increase in the supply and an increase in both equilibrium price and quantity. c. an increase in the supply, a decrease in equilibrium price, and an increase in equilibrium quantity. d. a decrease in the demand and a decrease in both equilibrium price and quantity.
The greater the the number and closeness of substitutes available between monopolistically competitive firms
A) the greater the ability of a firm to raise its price above the price of close substitutes. B) the smaller the ability of a firm to raise its price above the price of close substitutes. C) the more inelastic the demand curve. D) the greater the positive economic profits for a single firm.
In-cash transfers differ from in-kind transfers in that
A. the former offers greater control over spending by the poor on inappropriate things. B. the former is more certain to target children effectively. C. the former is more cost-effective and less bureaucratic. D. none of these, the two are identical.