What is the relationship between the growth rate of real GDP and the growth rate of real GDP per person?
What will be an ideal response?
The growth rate of real GDP tells how rapidly the total economy is expanding while the growth rate of real GDP per person tells how the standard of living is changing. The growth rate of real GDP per person approximately equals the growth rate of real GDP minus the population growth rate.
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Suppose that a per-unit subsidy is granted to each individual who consumes a product providing external benefits to society at large. Each individuals demand curve will shift ________, and the market demand curve for the product will shift ________
A) to the right; to the right B) to the right; to the left C) to the left; to the left D) to the left; to the right
If AVC=$15 and AFC=$10, then ATC=
a. $10 b. $5 c. $15 d. $25
"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.
Market power refers to:
A.) the use of market prices and sales to signal desired outputs. B.) the ability and willingness to sell specific quantities of a good. C.) the ability of a firm to alter the market price of a good or service. D.) None of the above.