Suppose that your public library charges a fixed monthly membership fee of 12. Members are allowed to check out as many books as they want under this plan. The average member checks out 4 books per month.
Suppose that your public library changes its policy. Now each book costs 3 to check out but there is no longer a monthly membership fee. What effect do you think the new policy will have on the total number of books checked out from your library each month? The new policy is likely to ______the number of booked checked out because ________.
A) reduce; the marginal benefit of checking out books is now lower under the new policy
B) increase; the average benefit of checking out more than 4 books is now higher under the new policy
C) reduce; the marginal cost of checking out books is now higher under the new policy
D) leave unchanged; members have already shown that they are willing to pay 12 to check out 4 books per month
E) leave unchanged; the average cost of the library service is the same under both plans
Question 2
In a small country, using prices of 2012, GDP in 2012 was 100 and GDP in 2013 was 110. Using prices of 2013, GDP in 2012 was 200 and GDP in 2013 was 210.
The country's BEA will calculate ________ percent as the growth in real GDP between those years.
A) 7.5
B) 15
C) 10
D) 5
E) None of the above answers is correct.
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