Approximately how long will it take Ethiopia to double its real GDP per person of $100 if its growth rate of real GDP per person is 0.9 percent?
A) 63 years
B) 77.7 years
C) 70 years
D) 109 years
E) 100 years
B
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Producers are willing and able to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of resources to attract them from alternative uses b. they will decrease their profits by expanding production at higher prices c. the government orders them to do so d. lower prices attract new firms, which have higher costs of production e. they hire superior quality, higher-priced resources as production expands
Which of these is an advantage of long-term contracts in resource markets? a. Long-term contracts decrease the duration of recessionary gaps. b. Long-term contracts reduce unemployment below its natural rate. c. Long-term contracts help avoid recession in an economy
d. Long-term contracts increase the flexibility of nominal wages. e. Long-term contracts reduce the average cost of negotiation.
When the price of sugar was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price doubled, consumer expenditures actually INCREASED to $4 billion annually. This indicates that:
A. sugar is a Giffen good. B. the demand for sugar is elastic. C. the demand curve for sugar is upward sloping. D. None of the statements is correct.
Answer the following questions true (T) or false (F)
1. The lengths of the recession and expansion phases and which sectors of the economy are most affected will rarely be the same in any two business cycles. 2. A period of economic expansion ends with a business cycle trough. 3. The U.S. economy experienced a period of relative stability from 1950-2007.