Suppose the real GDP of Fatonia was $25 million in 2010 . If the population of Fatonia was 0.25 million in 2010, then Fatonia's real GDP per capita was _____ in 2010
a. $200
b. $100
c. $50
d. $150
b
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Since the early 2000s, the problem of inflation has diminished in most of the countries across the world except for Zimbabwe, which has experienced a hyperinflation of 79.6 billion percent
a. True b. False Indicate whether the statement is true or false
The longer the time period under study,
A. the more elastic is the price elasticity of demand. B. the less sensitive consumers will be to price changes. C. the more likely any given price cut will result in a smaller reaction by the consumer. D. the more inelastic is the price elasticity of demand.
Suppose that the buyers of bread higher incomes and bread is an inferior good. In the market for bread, this will cause the ________ and the equilibrium price to ________.
A. supply of bread to decrease; increase B. supply of bread to increase; decrease C. demand for bread to decrease; decrease D. demand for bread to increase; increase
What happens at a firm's point of saturation?
A. The market for a firm's output has been saturated and sales fall to zero. B. The firm's total costs exceed its revenues. C. For the first time, hiring an additional worker decreases total product. D. Workers cannot take on any additional tasks without working overtime hours.