What is the per capita income of Genovia if its gross domestic product is $4,000,000 and total population is 20,000?
A) $120 B) $200 C) $400 D) $100
B
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Suppose the market clearing rate for apartments in Yazoo City, Mississippi is $400 per month, but a rent control is set at $600 per month. Which of the following would tend to occur in the community?
A) A shortage of apartments B) An increase in the quantity demanded for apartments C) Both of the above. D) Neither of the above.
If firms differ in terms of their technologies, a drop in demand will cause a long run decrease in output price.
Answer the following statement true (T) or false (F)
The supply curve for a good is a line that relates
a. profit and quantity supplied. b. quantity supplied and quantity demanded. c. price and quantity supplied. d. price and profit.
Which of the following organizations is exempt from prosecution under the Sherman Antitrust Act (1890)?
A) retailers B) book publishers C) labor unions D) television stations