Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0 percent. If, instead, real GDP per person had grown at an average compound annual rate 2.5 percent, then real GDP per capita in the United States in 1998 would have been approximately ________ larger.
A. $12,530
B. $2,370
C. $25,520
D. $6,751
Answer: D
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Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. The opportunity costs of producing 1 ton of oranges for Alpha and Omega, respectively, are: a. 0.25 tons of apples; 0.5 tons of apples. b. 9 tons of apples; 4 tons of apples
c. 2 tons of apples; 4 tons of apples. d. 0.5 tons of apples; 0.25 tons of apples.
The Federal Reserve Bank was modeled after the European Central Bank
a. True b. False Indicate whether the statement is true or false
A firm that is a natural monopoly
a. is not likely to be concerned about new entrants eroding its monopoly power. b. is taking advantage of economies of scale. c. would experience a higher average total cost if more firms entered the market. d. All of the above are correct.
The cost-benefit model used by economists is:
A. useful because most people follow it most of the time. B. unrealistic because it is too detailed and specific to apply to most situations. C. useful because everyone follows it all of the time. D. unrealistic because everyone can think of times when he or she violated the principle.