12. Mario buys eight units of good X when his income is $2,000 a month. When his
ID: 1128366 • Letter: 1
Question
12. Mario buys eight units of good X when his income is $2,000 a month. When his income increases to $2,700 per the price of shotguns the demand for 20 month, he buwi/gnly six units of good x. What kind of a good is good x A an inferior good 8. a normal good C an expensive good D. a useless good shotgun shells will A increases; decrease & increases; increase C decreases, decrease D. doubles; double X7 13. What has been the long-term average rate of real GOP growth in the U.5. since World War li? A. 13.5% B. 3S% C. 6.5% D. 1.35% 21 Which of the following are factors that shift the demand curve? A price of substitutes, tastes, price of complements & income, population, tastes, and input prices C expectations, opportunity costs, price of the product D. costs of production, price of the product, and subsidies 141 a country's annual growth rate is 2%, how many years will it take for this country's real per capita GDP to double? A 70 B 140 C never D. a Use the table below to answer questions 22-25 Quantity Price Quantity Price 1S. If nominal GDP is $5.43 bilion in 2007 and in the year 2008 the level of nominal GDP rises to $6.11 billion, what is the growth rate ofl nominal GDP? A. -11.1% B. 12.5% C 11.1% D. -12.5% Product (2008) (2008) (2009) (2009) Computers 30 $1,000 28 Pizzas 150 210 $995 15 20 Burgers 200 20 22. Suppose an economy produces only the three final goods listed "the table above vhat is the real GDP in if 2009 is the base year Be, using 2009 prices)? A $34,310 B $35,150 16. An economy where entrepreneurs are free to experiment with new ideas and bring innovative products to the market wil: A help economic growth but not affect living standards 8 help stagnate economic growth. C. help stagnate living standards D. lead to improvements in living standards by increasing economic growth C $35.000 D $33,700o 23. Suppose an economy produces only the three final goods libted in the table above. What is the nominal GOP in 20097 A $34,310 C $35,000 o. $33,700 17·The supply curve illustrates: A. that limited resources are available for society to une. B. the total cost of producing a good C. produce it becomes available D. the relationship between the quantity supplied and the price of a good. $35,350 24. Suppose an economy produces only the three final goods listed in the table above. What is the real GDP in 2009 #2009 is the base year 0,using 2009 prices? C $35,000 o. $33,700 8 535,350 18. What you give up to obtain an item is called your A true cost. B. drect eost. c opportunity cost D. expicit cost 25. Suppose an economy produces only the theee final eoods listed in the table above. What was the growth rate ofreal GDP between 2008 and 2C 2009 is the base year Le, uning 2009 pricesj? -137% -2.94% -1,17% 50,000 and grows at 2.5% per year, how many years we take to reach $200,000? A approximately 56 years c approximately 84 years 19. If real GDP per capita in the United States is currenely 2.01% D. B. y 60 years D approximately 28 yearsExplanation / Answer
12. A. Inferior Goods
Explanation: The demand for inferior goods decreases with increase in income. The demand for the other types of goods increases with increase in income.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.