If income in Africa increases by 4% and demand for poultry increases by 8%, then the income elasticity for poultry demand in Africa is projected to be:
a. -0.8
b. 0.8
c. 2
d. 1.25
e. 1.50
c. 2
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When Mother Teresa used her $190,000 Nobel Peace Prize to construct a leprosarium, she was
A) behaving irrationally. B) behaving selfishly. C) not behaving in a truly voluntary way. D) pursuing her self interest. E) violating the fundamental laws of economics.
Measured in 2014 dollars, real GDP per person in the United States in 2014 was about
a. $37,000. b. $56,000. c. $57,000. d. $67,000.
The burden of unemployment is
A. endured better by people with substantial savings. B. fully measured by the monetary cost computed in the GDP gap. C. borne equally by all unemployed people. D. completely offset by the federal unemployment insurance program.
Compared to the averages for post World War II recessions, the recession of 2007-2009 was ________ in duration and the decline in real GDP was ________
A) longer; greater B) longer; smaller C) shorter; greater D) shorter; smaller