If real GDP per capita doubles between 2005 and 2020, what is the average annual growth rate of real GDP per capita?
A) 4.7% B) 10.5% C) 15% D) 21%
A
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The consumer price index for the current year measures the cost of a standard basket in the ________ year relative to the cost of the same basket in the ________ year.
A. base; current B. current; current C. base; index D. current; base
In terms of an economy's production possibilities curve, a decrease in the level of human capital, ceteris paribus, will cause
A. An inward shift of the curve. B. A movement along the curve. C. A movement from the curve to a point inside the curve. D. An expansion of the curve.
In the United States, professional football players earn much higher incomes than professional soccer players. This occurs because:
A. most football players are good soccer players while the reverse is not true. B. consumers have a greater demand for football games than for soccer games. C. football and soccer games are highly substitutable products for most consumers. D. the marginal productivity of soccer players exceeds that of football players.
Each of the curves plotted in the graph shown in the above figure is known as a
A. Phillips curve. B. Keynesian curve. C. Lorenz curve. D. Laffer curve.