In 2008, real GDP in the United States was $13,312 billion. In 2009, real GDP in the United States was $13,112 billion. What was the U.S. economic growth rate from 2008 to 2009?
A) -1.5 percent
B) 1.5 percent
C) 0.98 percent
D) 0.12 percent
E) $200 million
A
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When the market price has fallen below a firm's ATC but is above its AVC, in the short run, the firm:
A. then MC must be greater than MR. B. can minimize its losses by staying open. C. is earning positive profits. D. then a firm is covering all of its fixed costs, but not all of its variable costs.
The horizontal and vertical axes of the Lorenz curve respectively measure:
a. total income and total expenditure as cumulative percentages. b. total income and total population as cumulative percentages. c. total population and total expenditure as cumulative percentages. d. total expenditure and total income as cumulative percentages. e. total population and total income as cumulative percentages.
Which of the following will not occur when government policies are enacted to make the distribution of income more equitable?
a. People will alter their behaviors. b. Incentives will be distorted. c. Total utility will likely remain constant. d. The allocation of resources will be less efficient .
An economy's marginal social benefit curve for a private good is obtained by summing the individual marginal
a) cost curves horizontally b) benefit curves vertically c) benefit curves diagonally d) benefit curves horizontally