The country of Southland produced $2,000 billion of output in one year. The population of Southland was 100 million, of whom 60 million were employed. What was average labor productivity in Southland?
A. $33
B. $20,000
C. $33,333
D. $20
Answer: C
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Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the
A. demand for oranges will necessarily rise. B. price of oranges will fall. C. equilibrium quantity of oranges will rise. D. supply of oranges has declined.
Hyperinflation is defined as
A) declining inflation rates. B) rising but low inflation rates. C) very high inflation rates. D) very low inflation rates.
The price elasticity of demand for a product is a measure of the:
a. extent of competition in the market for the product. b. change in the quantity purchased of the product relative to a change in a consumer's income. c. change in the quantity demanded of the product due to changes in factors other than price. d. degree of consumer responsiveness to changes in the price of the product. e. percentage change in the prices of two related products.
Which of the following will reduce the supply of motorcycles?
a. an increase in the population age 16 to 35, the primary consumers of motorcycles b. an increase in taxes imposed on motorcycle producers c. a technological improvement reducing the production costs of motorcycles d. a government study that reveals motorcycle riders, on average, live 10 years longer than those who don't ride motorcycles