If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for cars would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0
A
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Employing an additional 1 billion hours of labor increases real GDP by $12 billion. Employing another 1 billion hours beyond the first 1 billion increases real GDP by $11 billion
Hence we can conclude from this information that as employment increases, real GDP A) increases at an increasing rate. B) decreases at an increasing rate. C) decreases at a decreasing rate. D) increases at a decreasing rate. E) falls from $12 billion to $11 billion as more workers are hired.
In the above figure, at the equilibrium price and quantity, producer surplus is ________
A) $90 B) $60 C) $45 D) $30
Air pollution caused by lead
A) has never been a pollution problem. B) is currently a major pollution problem. C) has mostly been eliminated as a pollution problem. D) is the number one source of pollution today.
Which of the following is NOT a contributing factor into why the HPAE were able to rapidly accumulate physical and human capital?
A) A stable macroeconomic environment meant low inflation B) Loans from multilateral institutions such as the IMF, the World Bank, and regional development banks C) The demographic transition meant that the proportion of their population working was higher. D) A rapid rise in income made greater amounts of savings possible.