Per capita GDP will definitely increase if
A. Population and GDP decrease at the same rate.
B. GDP and population increase at the same rate.
C. GDP increases more rapidly than population.
D. Population increases more rapidly than GDP.
Answer: C
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A reason why it is difficult for developing countries to maintain a cartel is that
A) the elasticity of demand for a cartel's output decreases over time. B) producers in the cartel have an economic incentive to cheat. C) economic profits discourage other producers from entering the industry. D) producers in the cartel have the motivation to lower prices but not to raise prices. E) tariffs allow producers in the cartel to produce items that make no profit.
As an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely: a. increases
b. remains constant. c. falls. d. falls and then rises.
Refer to the accompanying figure.
In the figure, which interval represents a business cycle recession?
A. B to D B. B to C C. A to C D. A to B
Refer to the information provided in Table 22.6 below to answer the question(s) that follow.
Table 22.6
Refer to Table 22.6. If 2015 is the base period, the price index in 2014 is
A. 81.2. B. 86.8. C. 118.8. D. 123.2.