Which of the following is not correct?
a. When studying the relationship between two economic variables, graphs allow economists to draw indisputable conclusions about causes and effects.
b. When analyzing economic data, graphs provide a powerful way of finding and interpreting patterns.
c. Graphs are one way of expressing the relationships among variables.
d. When developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words.
Which of the following is not an example of the principle that trade can make everyone better off?
a. All of the above are examples of the principle that trade can make everyone better off.
b. Residents of Maine drink orange juice from Florida.
c. A homeowner hires the kid next door to mow the lawn.
d. Americans buy tube socks from China
Suppose that twenty-five years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100. Today it has nominal GDP of $3,000, a GDP deflator of 400, and population of 150. What happened to the real GDP per person?
a. It increased, but it less than doubled.
b. It decreased.
c. It more than doubled.
d. It was unchanged.