Small? percentage-point differences in growth rates lead to _______ differences in per capita real GDP over time.
Fill in the blank(s) with the appropriate word(s).
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Complementary goods are goods
a. that are consumed jointly b. that are consumed one in place of the other c. for which demand increases when the price of its complementary goods increases d. for which demand decreases when the price of its complementary goods decreases e. that are inversely related
Which furniture production process would have the highest furniture prices?
A. Furniture made by handsaw and hammer B. Furniture made with power equipment C. Furniture with a mix of handmade and automated labor D. Furniture made in an automated furniture factory
To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. Using the above figure, the area that equals the lost consumer surplus from this tax on sports equipment is
A) bcd. B) P1P2cd. C) P2P3ec. D) ced.
The figure above shows the situation facing Smart Digit, Inc, a firm in monopolistic competition that produces calculators. What quantity does the firm produce?
A) 200 calculators per day B) 300 calculators per day C) more than 300 calculators per day and less than 400 calculators per day D) 400 calculators per day