Supply curves are formed by ______.
a. minimum prices people are willing and able to sell at
b. maximum prices people are willing and able to pay
c. minimum prices people are willing and able to pay
d. maximum prices people are legally able to sell at
a. minimum prices people are willing and able to sell at
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A nation's real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 120 million in 2013 and 125 million in 2014. What is its real GDP per capita in 2014?
A. $2,120 per person B. $212 per person C. $21,200 per person D. $205 per person
When product A is a substitute for product B, the cross-price elasticity of demand for products A and B will be _____
a. unity b. negative c. positive d. decreasing e. increasing
For a typical consumer, most indifference curves are bowed inward
a. True b. False Indicate whether the statement is true or false
In 2015, the level of U.S. real GDP was more than four times its 1965 level
a. True b. False Indicate whether the statement is true or false