Which of the following is the basic measure of a nation's economic growth rate?
(A) Nonmarket activities over a given period of time.
(B) Percentage change of real GDP over a given period of time.
(C) Standard of living over a given period of time.
(D) Leading indicators over a given period of time.
Ans: (B) Percentage change of real GDP over a given period of time.
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Pennsylvania's largest grower of fresh-to-market tomatoes announced in March 2009 he will no longer produce the crop. The acreage he previously devoted to tomatoes and pumpkins will be converted to field corn that is harvested by machines
Of the following, which could have led to the shift from labor intensive tomato production to field corn? A) The market price of tomatoes increased. B) Farm workers' reservation wage fell. C) The wage rate for farm workers increased. D) All of the answers are true.
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This year's revenues in the new business were $50,000 . and explicit costs were $10,000 . Calculate Ernie's accounting profit
a. $10,000 b. $50,000 c. $20,000 d. $40,000 e. $9,500