41.LastyearrealGDPperpersonintheimaginarynationofOlympuswas4,250.Theyearbeforeitwas4,100.ByaboutwhatpercentagedidOlympianrealGDPperpersongrowduringtheperiod? a.1.6percent b.2.5percent c.3.7percent d.6percent 42.LastyearrealGDPintheimaginarynationofOceaniawas561.0billionandthepopulationwas2.2million.Theyearbefore,realGDPwas500.0billionandthepopulationwas2.0million.WhatwasthegrowthrateofrealGDPperpersonduringtheyear? a.12percent b.10percent c.4percent d.2percent 43.LastyearrealGDPintheimaginarynationofPopuliawas907.5billionandthepopulationwas3.3million.TheyearbeforerealGDPwas750billionandthepopulationwas3million.WhatwasthegrowthrateofrealGDPperpersonduringtheyear? a.10percent b.14percent c.17percent d.21percent 44.LastyeartheimaginarynationofFreedoniahadapopulationof2,800andrealGDPof16,800,000.Thisyearithadapopulationof2,700andrealGDPof15,390,000.AboutwhatwasthegrowthrateofrealGDPperpersonbetweenlastyearandthisyear? a.-5.3percent b.-5percent c.5percent d.5.3percent 45.In2012,theimaginarynationofKanmiwhadapopulationof8,044andrealGDPof36,198,000. In 2013 it had apopulationof7,800andrealGDPof35,880,000.WhatwasthegrowthrateofrealGDPperpersoninKanmiwbetween2012and2013? a.-2.2percent b.-0.7percent c.2.2percent d.4.5percent 46.In 2011,theimaginarynationofMaconiahadapopulationof8,200andrealGDPof210,500.Maconiahad5%growthinrealGDPperperson.In2012ithadapopulationof8,400.TothenearestdollarwhatwasrealGDPinMaconiain2012? a.216,815 b.221,025 c.226,416 d.Noneoftheaboveiscorrect. 47.In 2010,theimaginarynationofBovinahadapopulationof5,000andrealGDPof500,000.In2011ithadapopulationof5,100andrealGDPof520,200.During2011realGDPperpersoninBovinagrewby a.2percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. b.2percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. c.4percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. d.4percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. 48.In 2010,theimaginarynationofBovinahadapopulationof5,000andrealGDPof600,000.In2011ithadapopulationof5,200andrealGDPof636,480.During2011realGDPperpersoninBovinagrewby a.2percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. b.2percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. c.4percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. d.4percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. 49.In2010,theimaginarynationofMainlandhadapopulationof6,000andrealGDPof120,000.In2011thepopulationwas6,200andrealGDPof128,960.Overtheyearinquestion,realGDPperpersoninMainlandgrewby a.2percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. b.2percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. c.4percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. d.4percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. 50.In2009,theimaginarynationofMainlandhadapopulationof7,000andrealGDPof210,000.In2010thepopulationwas7,300andrealGDPof223,380.Overtheyearinquestion,realGDPperpersoninMainlandgrewby a.2percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. b.2percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears. c.4percent,whichishighcomparedtoaverageU.S.growthoverthelastone-hundredyears. d.4percent,whichisaboutthesameasaverageU.S.growthoverthelastone-hundredyears.    

  101) Given a particular consumer’s indifference map, the further the indifference curve is from the origin A) the lower the marginal rate of substitution. B) the higher the marginal rate of substitution. C) the lower the level of satisfaction. D) the higher the level of satisfaction. E) the more goods are included. 102) The marginal rate of substitution A) always has a positive algebraic […]

    71.People will choose to specialize and trade if: A. they can acquire the goods they want at a lower cost than it will cost them to make the good themselves. B. they can acquire the goods they want at a higher cost than it will cost them to make the good themselves. C. they can acquire the goods they want from someone who is willing to […]

  11.1  The Competitive Labor Market 1) Which of the following statements is true? A) Firms are the demanders in the market for labor as well as the market for consumer goods. B) Firms are the suppliers in the market for labor as well as the market for consumer goods. C) Firms are the demanders in the market for labor, whereas they are the suppliers […]

  121.A global car manufacturer wants to start production in China. While catering to local responsiveness, what can the firm do to get scale economies?  A. Increase costs whenever possible B. Use common vehicle platforms and components across many different models C. Shorten the production runs for each component D. Increase the duplication of functions required for each operation E. Manufacture only one type of car and sell it in all […]

  111.Which of the following can a vertically integrated firm that buys its components from independent suppliers avoid?   A. Problems associated with transfer pricing decisions B. The risk of losing its proprietary product technology to competitors C. The risk of losing out on the opportunities to enhance its dynamic capabilities D. Being dependent on suppliers to invest in specialized assets E. Responding to changes in exchange rates and trade […]

  11) When firms in a perfectly competitive market incur economic losses, exit by some firms means the market supply will A) increase. B) decrease. C) not change. D) become vertical. E) become the same as the individual producers’ supplies.   12) To eliminate losses in a perfectly competitive market, firms exit the industry. This exit results in A) an increase in market supply. B) […]

  101) In the money market, if real GDP increases, then the demand for money ________ and the equilibrium nominal interest rate ________. A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) increases; does not change 102) In the money market, if the price level rises, then the demand for money ________ and the equilibrium nominal interest rate ________. A) increases; […]

  31.An important aspect of integrated enterprise is: a.Six Sigma. b.networking. c.supply chain management. d.the intranet. 32.____ can create a level of cooperation not previously imaginable if managers approach the practice with an attitude of trust and partnership. a.Enterprise integration b.Networking c.Knowledge management d.TPS 33.All of the following are basic strategies for setting up an Internet operation except: a.in-house divisions. b.strategic partnerships. c.spin-off companies. d.franchising. […]

  11) The total variable cost curve ________ because ________ as output increases. A) slopes upward; variable cost increases B) slopes upward; marginal cost increases C) slopes downward; variable cost increases D) slopes downward; marginal cost increases E) is horizontal; fixed cost does not change   12) Marginal cost equals A) total cost minus total variable cost. B) total fixed cost divided by total output. […]