The benefits of economic growth, particularly as measured by real GDP per capita, include
What will be an ideal response?
higher living standards for the vast majority of people.
You might also like to view...
If a monopoly is price discriminating between two groups, A and B, based on observable customer characteristics, there is no difference in the marginal cost of selling to the two groups, and the elasticity of demand for group A is -1.5 while the elasticity of demand for group B is -2.1, which of the following is true?
A. The markup and price for group A customers will be higher than for group B customers. B. The markup and price for group B customers will be higher than for group A customers. C. The markup for group A customers will be higher than for group B customers, but there is not enough information to determine which price will be higher. D. The price for group A customers will be higher than for group B customers, but there is not enough information to determine which markup will be higher.
Which of the following is NOT a reason why some industries are oligopolies?
A) economies of scale B) barriers to entry C) strategic independence D) mergers
The aggregate demand curve is drawn downward-sloping, because increases in the price level cause decreases in:
a. unemployment. b. total spending (real GDP). c. households' savings. d. the value of the dollar.
As more capital per worker is added, a per worker production function generally becomes:
a. flatter because capital is subject to diminishing marginal returns. b. flatter because labor is subject to diminishing marginal returns. c. flatter because capital is subject to increasing marginal returns. d. steeper because capital is subject to diminishing marginal returns.