In Econland, 500,000 of the 2 million people in the country are employed. Average labor productivity in Econland is $15,000 per worker. Real GDP per person in Econland totals:
A. $11,250.
B. $3,750.
C. $1,250.
D. $60,000.
Answer: B
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Which of the following goods may have demand that is potentially affected by the bandwagon effect?
A) Satellite radio B) Cellular telephones C) High-definition (HD) televisions D) Electronic book readers E) all of the above
When the U.S. experiences economic growth, the poverty rate will:
A. fall, because growth has benefited everyone. B. increase, because growth typically only benefits the richest 1 percent. C. fall, because growth typically helps the poor more than the wealthy. D. increase, because growth has benefited the wealthy more than the poor.
The federal taxes owed by a taxpayer depend
a. only upon the marginal tax rate on the taxpayer's first $25,000 of income. b. only upon the marginal tax rate on the taxpayer's last $10,000 of income. c. upon all the marginal tax rates up to the taxpayer's overall level of income. d. upon all the marginal tax rates, including those for income levels that exceed the taxpayer's overall level of income.
Exhibit 4-2 Supply and demand curves
In Exhibit 4-2, which of the following might cause a shift from S1 to S2?
A. A decrease in input prices. B. A decrease in consumer prices. C. An increase in input prices. D. An increase in consumer income.