Figure 4-5 Price (S) R₁ R Ro A 8 D LL 9 E - Supply Rent ceiling Quantity of apartments H Demand G Figure 4-5 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at RO. Refer to Figure 4-5. What is the area that represents consumer surplus after the imposition of the ceiling? A A+B+D 0 B A+B+C A+B+D+F A+B+D+F+G + Real GDP (Billion of 2000 dollars) Year 2002 $8,700 2003 8,875 2004 9,000 2005 9,280 6. Refer to the table above. Calculate the growth rate of real GDP from 2004 to 2005. A) 3% B) 1% C) 2% B) 1.5% C) 1% D) 4% D) 2% 7. Refer to the table above. Calculate the average annual growth rate from 2002 to 2005. A) 3%
Figure 4-5 Price (S) R₁ R Ro A 8 D LL 9 E - Supply Rent ceiling Quantity of apartments H Demand G Figure 4-5 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at RO. Refer to Figure 4-5. What is the area that represents consumer surplus after the imposition of the ceiling? A A+B+D 0 B A+B+C A+B+D+F A+B+D+F+G + Real GDP (Billion of 2000 dollars) Year 2002 $8,700 2003 8,875 2004 9,000 2005 9,280 6. Refer to the table above. Calculate the growth rate of real GDP from 2004 to 2005. A) 3% B) 1% C) 2% B) 1.5% C) 1% D) 4% D) 2% 7. Refer to the table above. Calculate the average annual growth rate from 2002 to 2005. A) 3%
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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