When per capita real GDP is increasing, real output is growing
a. more rapidly than prices.
b. more rapidly than population.
c. less rapidly than prices.
d. less rapidly than population.
B
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Answer the next question on the basis of the data given for two regions, East and West, of a hypothetical world. The nations have the production possibilities for units of food and clothing given below.East Production PossibilitiesWest Production Possibilities ABCD ABCDFood241680Food4530150Clothing04812Clothing051015Which of the following is true?
A. For the West region, the cost of 5 units of clothing is 10 units of food. B. For the East region, the cost of 8 units of food is 8 units of clothing. C. For the West region, the cost of 15 units of food is 5 units of clothing. D. For the East region, the cost of 4 units of clothing is 6 units of food.
In the long run, a monopolistically competitive firm produces at efficient scale
a. True b. False Indicate whether the statement is true or false
In the auto industry, abatement costs to combat global warming
a. will be unaffected by recent standards on GHG emissions b. should not affect vehicle prices c. are expected to raise vehicle prices but these costs should be offset by fuel savings d. none of the above
Assume that the MPC is .9 and investment falls by $30 billion. What is the change in real GDP?
a. ?$300 billion b. ?$270 billion c. ?$93 billion d. ?$39 billion