Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $9,500 billion. What is the rate of growth of real GDP between 2017 and 2018?

If the marginal cost for Big Ed's Used Car Emporium to advertise one additional day each week on a local TV station is $1,500, then Big Ed's should advertize that additional day

A) as long as the weekly marginal cost does not rise. B) only if the marginal benefit the company receives each week is greater than $1,500 plus an acceptable profit margin. C) as long as the marginal benefit the company receives each week is just equal to or greater than $1,500. D) until the marginal benefit the company receives reaches zero.

A measure of how people change their buying patterns when prices change

a. elasticity of demand b. substitution effect c. law of demand d. complement e. substitute