The per capita GDP for Japan in 2014 was $48,500 and in 2015 was $49,470. How much did the Japanese per capita GDP grow in 2015?
A) 2 percent
B) -2 percent
C) 3 percent
D) Cannot be determined without further information
A
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Refer to Figure 9.4. If the government establishes a price floor of $40 and government purchases the surplus over quantity demanded, the resulting deadweight loss will be
A) $15. B) 10 widgets. C) $1,050. D) $1,200. E) $2,400.
If the quantity of loanable funds supplied exceeds the quantity of loanable funds demanded,
a. there is a surplus and the interest rate is above the equilibrium level. b. there is a surplus and the interest rate is below the equilibrium level. c. there is a shortage and the interest rate is above the equilibrium level. d. there is a shortage and the interest rate is below the equilibrium level.
The beginning of a recession is called the:
A. depression. B. peak. C. expansion. D. trough.
If the price of product Y is $25 and its marginal cost is $18:
A. Y is being produced with the least-cost combination of resources. B. society will realize a net gain if less of Y is produced. C. resources are being underallocated to Y. D. resources are being overallocated to Y.