If real GDP increases from $5 billion to $5.25 billion and the population increases from 2 million to 2.02 million, real GDP per person increases by ___ percent

Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?

A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run. B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run. C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run. D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.

FICA is a payroll tax imposed on employers and workers that is used to fund Social Security and Medicare. Which of the following statements regarding the tax is true?

A) Most economists believe the burden of the tax falls almost entirely on workers. B) Congress wanted the burden of the tax to be greater for employers than for workers. C) Most economists believe the burden of the tax falls mostly on employers. D) Employers are required to pay a greater share of the tax than workers but most economists believe the burden of the tax is shared equally.