GDP can rise as a result of a rise in __________________, and Real GDP can rise as a result of a rise in _______________________
A) prices or output; prices only.
B) prices only; prices or output.
C) prices or output; output only.
D) prices or output; prices or output.
C
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Carolyn spends her income on popular magazines and music CDs. If the price of a CD is four times the price of a magazine and if Carolyn is maximizing her utility, she buys
A) four times as many CDs as magazines. B) both goods until the marginal utility of the last magazine purchased is four times the marginal utility of the last CD purchased. C) both goods until the marginal utility of the last CD purchased is four times the marginal utility of the last magazine purchased. D) four times as many magazines as CDs.
All of the following are considered process innovation EXCEPT
A) neutral technical progress. B) labor saving technical progress. C) organizational innovation. D) nonneutral technical progress.
Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind. B) The Lorenz curve does not include unreported income obtained from the underground economy. C) The Lorenz curve does not consider different sizes of households. D) The Lorenz curve does not consider age differences among wage earners.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90