If real GDP per capita in the United States is 8,000 in 2016, and if real GDP per capita is 12,000 in 2026, what is the average annual percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33 B) 5 C) 33 D) 50
Question 2
The Brooks Appliance Store and the Lefingwell Appliance Store (both are located in the same city) each sell an identical washer-dryer pair. The owner of each store considered offering the washer-dryer pair for 700, but decided on a price of 500.
If this is a Nash equilibrium we can conclude that
A) the owners of the stores feared that charging 700 could be used as evidence of collusion.
B) charging 500 was the most profitable strategy for each store, regardless of what price was charged by the other store.
C) the stores were less concerned about making a profit from the washer-dryer pair than they were with attracting customers who would also buy other appliances.
D) each store owner feared charging the higher price would result in being undercut by the other store charging the lower price.
Parabola Real World Example
The United States and Its Territories, 1787–1802
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Daily Calorie Intake from Sugar Drinks, United States, 2005–2008