The following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600What was the rate of growth in real GDP per capita between 1810 and 2010?
A. 2,807%
B. 2,907%
C. $43,600
D. $42,100
Answer: A
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Holding all else constant, an increase in consumption taxes, such as sales taxes or a VAT, will ________ the price of consumption goods and ________ output
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Other things equal, an adverse supply shock would
a. Lower the price level b. decrease real output c. Shift AD left d. Do a. and b. but not c.
The price of apples increases from $1 to $1.10. At the same time, the quantity of apples demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using the initial value formula) is __________ .
A. 0.02 B. 0.9 C. 1 D. 1.1
What is cost-plus pricing? Why do some firms use cost-plus pricing even when the firms' managers have the resources to devise a pricing strategy that would result in greater profits?
What will be an ideal response?