If China's real GDP grew from $7 trillion one year to $8 trillion the next, the annual growth rate would be:
A. 114 %
B. 87.5 %
C. 12.5 %
D. 14.3 %
Answer: D
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Refer to the table above. The farmer began to experience diminishing returns after applying how many bags of fertilizer?
A) 1 B) 2 C) 3 D) 4
If the demand curve for a good is horizontal, a tax is levied on this product is
A) split between the buyers and the sellers but not evenly so that either the buyer or the seller pays more. B) split evenly between the buyers and the sellers. C) paid entirely by buyers. D) paid entirely by sellers. E) not paid by either the buyers or the sellers.
In 1979, the price of gasoline was $1.389 per gallon and the CPI was 72.6. In 2003, the price of gasoline was $1.589 per gallon and the CPI was 182.9. Find the real price of gasoline in 1979 and 2003 in terms of base period dollars
What will be an ideal response?
If a price ceiling is imposed, then:
A. the market supply curve will shift to the right. B. the market demand will shift to the left. C. a shortage of product will result. D. the market equilibrium price is below the level the government wishes to achieve.