Assume the real U.S. GDP in 1997 was $7,269 billion and the U.S. population was 268 million, and the real U.S. GDP in 1998 was $7,552 billion and the U.S. population was 270 million. From 1997 to 1998, the per capita real GDP
A. Remained unchanged.
B. Increased.
C. Decreased.
D. Cannot be determined from the information given.
Answer: B
You might also like to view...
Explain how and why an all-volunteer army may actually be cheaper than an army staffed with drafted soldiers
What will be an ideal response?
Suppose the equilibrium real federal funds rate is 5 percent, the target rate of inflation is 3 percent, the current inflation rate is 5 percent, and real GDP is 4 percent above potential real GDP
If the weights for the inflation gap and the output gap are both 1/2, then according to the Taylor rule the federal funds target rate equals A) 1 percent. B) 9 percent. C) 13 percent. D) 17 percent.
Refer to the above figure. Average total costs are represented by curve
A. 1. B. 2. C. 3. D. 4.
The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as
A) the Pacific Trade Association. B) Trade Without Borders. C) NAFTA. D) the Western Trade Union.