Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:
A.
3 percent
B.
5 percent
C.
7 percent
D.
9 percent
B.
5 percent
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The U.S. did not lapse back into a depression after World War II ended for all of the following reasons EXCEPT
A. a larger role taken on by the federal government. B. pent up demand for housing and automobiles. C. government programs that aided the trend toward suburbanization. D. a return to laissez-faire economic policies.
A loan used as an investment turns out to be profitable if the sale price of its output covers the _____ of all other inputs and interest on the funds loaned
a. internal costs b. marginal cost c. opportunity cost d. average cost
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below: What is John's opportunity cost of cleaning windows for an hour?
A. $14 B. $2 C. $8 D. $7
Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product. B. Entry must be blocked. C. The firm must earn economic profits. D. The product the firm produces must have no close substitutes.