If the U.S. population grew at a 0.9 percent and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 4.0 percent B) 4.4 percent C) 5.3 percent D) 3.5 percent E) -3.5 percent
D
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Cole was discussing the market for cocoa beans with his friend John Schmidt
Cole said, "Ever since Venezuela announced that its cocoa harvest was its lowest ever in fifteen years, the price of cocoa beans has been rising and rising and people are buying more and more. I think the demand for cocoa beans must be upward sloping." Is Cole right? Briefly explain why or why not.
A price discriminating monopsonist could increase its profits by:
a. paying the minimum wages possible. b. hiring as little capital as possible. c. paying lower wages to workers with inelastic supply of labor curves than to workers with elastic curves. d. paying lower wages to workers with elastic supply of labor curves than to workers with inelastic curves.