Suppose that the following occurred in two countries during the past decade. Country X, real Gross Domestic Product (GDP) rose 40 percent and population rose 50 percent; Country Y, real Gross Domestic Product (GDP) increased 80 percent and population increased 70 percent. Based on this information, which is TRUE?
A. Both countries have experienced growth in per capita real Gross Domestic Product (GDP).
B. Chances for an improved standard of living are greater in Country X.
C. Only Country Y has experienced growth in its per capita real Gross Domestic Product (GDP).
D. Neither country has experienced growth in per capita real Gross Domestic Product (GDP).
Answer: C
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If people use quartz as a medium of exchange, then they: a. have a barter economy
b. are using commodity money. c. are using token money. d. are using legal tender. e. are using fiat money.
If employers can fire an employee for any reason, other things being equal
What will be an ideal response?
The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
A. the elasticity of supply of cupcakes is relatively low. B. cupcakes are a normal good. C. the supply curve for cupcakes is downward sloping. D. the elasticity of supply of cupcakes is relatively high.
A legal restriction on the amount of a good that can be imported into a country is known as a
A) voluntary restraint agreement. B) tariff. C) quota. D) Domestic Protection Restraint (DPR).