The growth rate of real GDP equals
A) [(real GDP in previous year - real GDP in current year) ÷ real GDP in previous year] × 100.
B) [(real GDP in current year - real GDP in previous year) ÷ real GDP in previous year] × 100.
C) [(employment in the current year - employment in previous year)/employment in previous year] × 100.
D) (real GDP in current year - real GDP in previous year) × 100.
E) [(real GDP in current year - real GDP in previous year) ÷ real GDP in current year] × 100.
B
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A payroll tax is a
a. fixed number of dollars that every firm must pay to the government for each worker that the firm hires. b. tax that each firm must pay to the government before the firm can hire workers and operate its business. c. tax on the wages that firms pay their workers. d. tax on all wages above the minimum wage.
Suppose a tax of $5 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 200 units to 100 units. The tax decreases consumer surplus by $450 and decreases producer surplus by $300 . The deadweight loss from the tax is
a. $250. b. $500. c. $750. d. $1,000.
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. If they open up to trade and the citizens of the island consumed 1,200 fish per year, how many pounds of berries can they consume every year?
A. 9,400 pounds B. 12,800 pounds C. 8,000 pounds D. 9,200 pounds
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.