Both real GDP and price level in the U.S. exhibited a downward trend since 1929 . Real GDP in 2009 was ten times lower than in 1929, and the price level was nearly five times lower
Indicate whether the statement is true or false
false
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When demand is price inelastic,
a. price and total revenue move in the same direction. b. price and total revenue move in the opposite direction. c. total revenue increases whether price goes up or down. d. total revenue decreases whether price goes up or down.
Perfect price discrimination describes a situation in which the monopolist
a. knows the exact willingness to pay of each of its customers. b. charges exactly two different prices to exactly two different groups of customers. c. maximizes consumer surplus. d. experiences a zero economic profit.
Which of the following is not correct?
a. China allows only one child per family and couples that violate this rule are subject to substantial fines. b. In developed countries, population growth is consistently about 3 percent per year; in developing countries it is consistently about 5 percent per year. c. Educational attainment tends to be lowest in countries with the highest population growth. d. Economists generally believe that a country that decreases a high population growth rate can increase its economic growth rate.
Scarcity implies that the allocation scheme chosen by society can
A. always make more of all goods, simultaneously. B. not make more of any one good. C. typically make more of a good but at the expense of making less of another.