Wendell can sell five motor homes per week at a price of $22,000. If he lowers the price of motor homes to $20,000 per week he will sell six motor homes. What is the marginal revenue of the sixth motor home?
A) $10,000
B) $12,000
C) $20,000
D) $22,000
Answer: A
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In 2011, Armenia had a real GDP of $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. What was Armenia's economic growth rate from 2011 to 2012?
A) 0.38 percent B) 9.0 percent C) 3.8 percent D) 8.3 percent
Which of the following would lead to an upward shift of the consumption-income line?
a. A decrease in income b. A decrease in population c. An increase in income d. An increase in wealth e. An increase in the interest rate
Cyclical unemployment occurs when real GDP falls below potential GDP.
Answer the following statement true (T) or false (F)
If price increases and the quantity purchased increases, we know that
A) supply increased. B) supply decreased. C) demand increased. D) demand decreased.