Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2008 and 2009.
A. remains constant
B. increases
C. decreases
D. cannot be calculated
Answer: A
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If people's expectations about future income improve so they think their future income will be higher than previously believed, then the AD curve
A) will not shift, but potential GDP will increase. B) will shift leftward because people will spend less now. C) will shift rightward because people will increase spending now. D) and the AS curve will both shift leftward because people will increase their saving. E) will not change until income actually rises.
Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the opportunity cost of a lobster dinner in terms of steak dinners?
A) 0.5 steak dinners per lobster dinner B) 2.0 steak dinners per lobster dinner C) 5.0 steak dinners per lobster dinner D) 10.0 steak dinners per lobster dinner
The law of diminishing marginal utility helps explain: a. why most individual demand curves are straight lines. b. why most supply curves slope upward
c. why most individual demand curves slope downward. d. why marginal utility falls when total utility falls.
The labor supply curve shifts ______ when the labor supply declines.
a. upward b. downward c. to the left d. to the right