U.S. per capita GDP is roughly how much larger than the world average?
A. Five times as large.
B. Twice as large.
C. Four times as large.
D. Three times as large.
Answer: A
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Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position,
Oliver will definitely receive at least ________ votes and George will definitely receive at least ________ votes. A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5
Refer to Figure 4-2. What area represents producer surplus at a price of P1?
A) A + C B) A + C + E C) C D) C + E
Unprecedented stimulative policies throughout the global economy have sparked debate over the inflationary implications. Defenders of the policies argue that, even if the policies raise inflationary expectations, actual inflation will remain low
Critics charge that current policies are nearly certain to result in excessive inflation. What does the aggregate supply curve have to say?
Compare and contrast cardinal utility and ordinal utility. Which concept is sufficient for ranking consumers' preferences? Why?
What will be an ideal response?