According to the World Bank, nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.
Answer the following statement true (T) or false (F)
True
Low income individuals in the United States enjoy a higher standard of living than billions of poor people in other nations.
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A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result, real GDP per worker (Y/L) grew from $20,000 to $25,000
If the economy increases its capital per hour worked by another $10,000 to $60,000, but there is no change in technology, by how much more and in what direction will output per worker change? A) Output per worker will increase by less than $5,000. B) Output per worker will increase by exactly $5,000. C) Output per worker will fall by more than $5,000. D) Output per worker will increase by more than $5,000.
You are in charge of the local city-owned aquatic center. You need to increase the revenue generated by the aquatic center to meet expenses. The mayor advises you to increase the price of a day pass. The city manager recommends reducing the price of a day pass. You realize that
a. the mayor thinks demand is elastic, and the city manager thinks demand is inelastic. b. both the mayor and the city manager think that demand is elastic. c. both the mayor and the city manager think that demand is inelastic. d. the mayor thinks demand is inelastic, and the city manager thinks demand is elastic.
The consumption function shows an indirect relationship between consumer spending and disposable income.
Answer the following statement true (T) or false (F)
Other things being equal, as more firms enter a market, the market supply curve
A. Shifts to the right. B. Becomes more inelastic. C. Intersects the demand curve at a higher price. D. Shifts to the left.