Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) 1% B) 2% C) 5% D) 10%
D
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Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight
The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a A) common resource. B) public good. C) private good. D) natural monopoly.
Mouthwash is sold in 24 oz bottles for $2.40 and in 12 oz. bottles for $1.20. This represents
A) price differentiation. B) price discrimination. C) marginal cost pricing. D) None of the above.
According to the theory of efficiency wages, if a firm stops paying efficiency wages it is likely to see a(n)
a. increase in the number of job applicants and an increase in how long workers stay on the job. b. increase in the number of job applicants and a decrease in how long workers stay on the job. c. decrease in the number of job applicants and an increase in how long workers stay on the job. d. decrease in the number of job applicants and a decrease in how long workers stay on the job.
The marginal cost curve is a competitive firm's supply curve; it shows how many units of output a firm will be willing to sell at different prices.
Answer the following statement true (T) or false (F)