A country with a high GDP per capita is classified as an industrially advanced country (IAC)
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure above. When the supply curve of flash drives is S1 and the demand curve for flash drives is D, what is the shortage in the market when the price is $5?
A) 50 units B) 40 units C) 10 units D) 0 units
The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, the deadweight loss will be
A) $1,000,000. B) $500,000. C) $250,000. D) $125,000.
The situation in which a person places greater value on a good as fewer and fewer people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
If the CPI is 220 and nominal income is $37,000, approximately what does real income equal?
A) $81,400 B) $16,818 C) $76,500 D) $44,118