In 2015, GDP per person in the United States was almost
a. $38,000.
b. $36,000.
c. $49,000
d. $56,000
d
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If the price elasticity of demand for canned soup is estimated at -1.62. What happens to sales revenue if the price of canned soup rises?
A) It falls by 162 percent. B) It rises. C) It falls. D) It rises by 1.62 percent.
The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor. B) marginal revenue cost. C) marginal factor cost. D) marginal revenue product.
Suppose when the price of novels goes from $15 to $20 per book, production increases from 760 million books to 840 million books per year. Using the mid-point method, the price elasticity of supply is
A. 0.77 B. 28.5 percent C. 37 percent D. 0.35
The sum of the number of employed people and the number of unemployed people equals the labor force of a country
a. True b. False Indicate whether the statement is true or false