The gross domestic product of a small country which has a population of 200,000 is $56,000,000. The income per capita of the country is ________
A) $280 B) $200 C) $50 D) $100
A
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Refer to the scenario above. If each family pays 12% of its income as tax every year, the local government follows a(n) ________ tax system
A) cardinal B) ordinal C) progressive D) proportional
Refer to Figure 13-12. If the diagram represents a typical firm in the designer watch market, what is likely to happen in the long run?
A) The firms that are making losses will be purchased by their more successful rivals. B) Inefficient firms will exit the market and new cost-efficient firms will enter the market. C) Firms will have to raise their prices to cover costs of production. D) Some firms will exit the market causing the demand to increase for firms remaining in the market.
Explain why price and wage stickiness in the short run are reasons that macroeconomic shocks can result in fluctuations in total employment and total production
What will be an ideal response?
If aggregate output is below its equilibrium level ________
A) there is an excess demand for goods B) actual output is below planned expenditure C) firms will tend to replenish their low inventories driving output up toward equilibrium D) all of the above E) none of the above