Week 4 GDP
1. Per capita GDP will definitely fall if
A. The population falls.
B. The rate of economic growth falls.
C. The rate of economic growth is less than the rate of population growth.
D. There is a decrease in the size of the labor force.
Auxiliary Problems 2 Week 3
1. In week one, mens leather shoes sold for $69/pair. The shoe store ran a special the second
week and mens leather shoes were marked down to $59/pair. Sales rose from 116 pairs to
132 pairs. Assuming all other economic conditi
Auxiliary Problems for Chapter 19
1. What is the difference between total utility and marginal utility?
2. What is meant by diminishing marginal utility?
3. Movie theaters often give discounts to children, seniors and daytime patrons. Why?
4. Biff, Stan a
1. To determine the economic profit of a company,
Implicit costs are added to explicit costs.
Implicit costs are subtracted from total revenues.
Total economic costs are subtracted from total revenues.
Explicit costs are subtra
Auxiliary Problems for Week 5
1. There are 12 able-bodied adults on an otherwise deserted island. Eight of the adults work
toward the sustenance of the group (i.e., have a job). Two of the adults wish to work
toward this end but have not yet found a way t
1. What is economics? A social science that studies how scarcity effects choice
a. Opportunity cost: giving up more of one thing to obtain something else
b. Purposeful behavior: assumption people make choices with rational self-interest
1. Economic indicators
a. Real GDP: the value of final goods and services produced within the borders of a
country during a specific time (takes price change into concertizion)
a.i. Nominal GDP: total dollar value of all goods and service
Greetings Bass Heads,
The reception for Divergent Spectrum has been overwhelming and
we hope to see you all on our Divergent Spectrum Tour - see all
dates at www.bassnectar.net/tour and make sure your crew is in
Speaking of spectrums, I though