If population growth is greater than the growth of real output
A. the production possibilities curve is shifting to the left.
B. real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP).
C. real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate.
D. real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP).
Answer: B
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Refer to Sales Tax. After the tax is imposed, consumers' surplus is equal to
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area A + B.
b. area B.
c. area B + C.
d. area A + B + C + D + E.
Using prices from 2012, GDP grew 10 percent between 2012 and 2013; using prices from 2013, GDP grew 8 percent between 2012 and 2013
For its link back to the base year, the BEA will use ________ percent as the growth in real GDP between 2012 and 2013. A) 10 B) 2 C) 18 D) 9 E) 8
The profit-maximization assumption of economic theory does not fit reality because:
A. all real firms want to maximize long-term profits rather than short-run profits. B. all real firms want to maximize their share of the market. C. real-world firms have many goals, which depend on the incentive structure incorporated into the firm's organization. D. real-world firms have a single goal, but this goal has nothing to do with profits.
Price of Good X(Px)Quantity of Good X(Qx)Own Price ElasticityTotal Revenue01000.000590-0.11450A80-0.258001570-0.4310502060-0.6712002550C125030B-1.5012003530-2.3310504020-4.00D4510-9.00450500-?0The demand function in the accompanying table is QXd = 100 ? 2PX. Based on this information, compute the own price elasticity of demand when PX = $25 (point C).
A. ?0.25 B. ?0.50 C. ?1 D. ?1.09