In the United States in 2014 real GDP per person was about $56,000, while in some poor countries real GDP per person was less than $5,000
a. True
b. False
Indicate whether the statement is true or false
True
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Why is the budget line downward sloping?
A. Income effect B. Opportunity costs C. Comparative advantage D. Diminished marginal utility
Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s. If other factors were held constant, then there would be
A) a rightward movement along the supply curve. B) a rightward shift of the demand curve. C) a leftward shift in the demand curve. D) a leftward movement along the supply curve.
Entry by new firms into a perfectly competitive industry
A. has no effect on existing firms. B. results in higher output by existing firms in equilibrium. C. results in lower output by existing firms in equilibrium. D. results in no change in the market price or output.
As we work fewer hours and our leisure time increases, the opportunity cost of labor
A. Rises and the marginal utility of income rises. B. Falls and the marginal utility of income falls. C. Falls and the marginal utility of income rises. D. Rises and the marginal utility of income falls.