Currently a country has real GDP per person of 500 . Raising capital per worker by one would increase output per worker by 4 . Other things the same, which of the following long-run combinations are consistent with the effects of this country increasing its saving rate?
a. real GDP per person is 520 and raising capital per worker by one would increase output per worker by 3
b. real GDP per person is 520 and raising capital per worker by one would increase output per worker by 5
c. real GDP per person is 480 and raising capital per worker by one would increase output per worker by 3
d. real GDP per person is 480 and raising capital per worker by one would increase output per worker by 5
a
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The voting system for most elections in the United States is called:
A. pair-wise majority voting. B. first-past-the-post voting. C. approval voting. D. instant runoff voting.
Suppose that the federal government imposes a price floor (support price) in the milk market at a price of $3 per gallon. If market quantity demanded at $3 is 1 billion gallons, and if market quantity supplied is 1.5 billion gallons, then which of the following is true?
a. There is a surplus of 1 billion gallons of milk, and the federal government will buy 1.5 billion gallons to maintain the $3 price. b. There is a shortage of 500 million gallons of milk, and the federal government will buy 1 billion gallons to maintain the $3 price. c. There is a shortage of 500 million gallons of milk, and the federal government will buy an additional 500 million gallons to maintain the $3 price. d. There is a surplus of 500 million gallons of milk, and the federal government will buy this 500 million gallons to maintain the $3 price.
The government imposes a unit excise tax on bubble gum. What happens as a result?
A) The equilibrium quantity of bubble gum increases. B) At the original market price, there will be a bubble gum surplus so price decreases. C) At the original market price, there is a bubble gum shortage and so price rises. D) There will be no change in either the market price or equilibrium quantity as long as the excise tax rate is 5 percent or less.
Private saving is defined as
A. private disposable income minus consumption plus interest plus transfer payments. B. net national product minus consumption. C. private disposable income minus consumption plus interest. D. private disposable income minus consumption.