Core Microeconomics by Gerald Stone

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By Gerald Stone

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S. government wants people to buy more hybrid cars that use much less gasoline. Unfortunately, hybrids are approximately $4,000 to $5,000 more expensive to purchase than comparable cars. If people follow incentives, what can the government do to encourage the purchase of hybrids? 11. The By the Numbers box suggests that the stocks of companies that are good to work for (such as Google, Cisco, Genentech, Goldman Sachs, and Adobe) also tend to outperform general stock market averages. What factors or characteristics of these companies might account for their stellar stock market performance?

By looking at each slice of the pie, we get a picture of how typical families spend their income. Bar Charts Bar charts use bars to show the value of specific data points. Figure APX-4 is a simple bar chart showing the annual changes in real (adjusted for inflation) gross domestic product (GDP). Notice that over the last 40ϩ years the United States has had only 5 years when GDP declined. FIGURE APX-4— Percent Change in Real (Inflation Adjusted) GDP 8 7 This bar chart shows the annual percent change in real (adjusted for inflation) gross domestic product (GDP) over the last 40 years.

The answer is obvious in this situation, because the more productive person is actually the best buy since she produces twice as much as the other candidate, but only wants half again as much pay. In this case, you would be willing to pay even more to get this person. Productivity and pay go together. Highly paid movie stars get high pay because they are worth it to the movie producer. The same is true of professional athletes, corporate executives, rocket scientists, and heart surgeons. The same is true for nations.

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