The population of Potentia doubled within 20 years while its income per capita remained unchanged during the same period of time. This implies that ________
A) its price level doubled B) its gross domestic product also doubled
C) its price level halved D) its gross domestic product remained constant
B
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Answer the following statement(s) true (T) or false (F)
1. If the nominal value of a benefit in 2011 is $1,500, its real value in 2012, assuming a 3 percent inflation rate, is $1,545. 2. If the real value of an environmental cost in 2011 is $2,500, its nominal value in 2010, assuming a 2 percent inflation rate, must have been $2,550. 3. The present value of benefits (PVB) is equal to?(bt/[1+rs]t), with bt= Bt/(1 + p)t. 4. For a given policy option, if the ratio of the present value of benefits (PVB) to the present value of costs (PVC) is greater than zero, that policy option is considered to be feasible. 5. For a given policy option, if (PVB – PVC) is greater than 1, that policy option is considered to be feasible.
After the first unit, a monopolist's marginal revenue is less than the price it charges because to sell an additional unit it needs to lower its price.
Answer the following statement true (T) or false (F)
When there is an excess quantity of a product supplied, there will be
A. incentives for consumers to leave the market. B. upward pressure on the price of labor. C. a tendency for price of the product to fall. D. a tendency for price of the product to increase.
During most episodes of hyperinflation,
A) the inflation rate is high but constant. B) the inflation rate decreases over time. C) the inflation rate increases over time. D) the inflation rate first increases, and then remains constant. E) the inflation rate increases over time, but then rapidly decreases on its own.