Real GDP per person in the Canada was $7,377 in 1950. Over the next 48 years it grew at a compound annual rate of 2.0%. If instead real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the Canada in 1998 would have been approximately ________ larger.
A. $24,130
B. $1,770
C. $9,370
D. $5,049
Answer: D
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Suppose the reserve ratio is RR. Then,
A) required reserves = RR × excess reserves. B) required reserves = RR × loans. C) required reserves = RR × deposits. D) required reserves = RR × actual reserves.
The principle that if the amount of labor and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of
A. increasing average capital productivity. B. decreasing output per unit of capital. C. increasing returns to capital. D. diminishing returns to capital.
The economy is experiencing inflation and the Federal Reserve decides to pursue a restrictive money policy. Which actions by the Fed would be most consistent with this policy?
a. Selling government securities b. Buying government securities c. Lowering the reserve ratio d. Lowering the discount rate
Give a brief description of the law of diminishing marginal utility and use it to explain the downward slope of the demand curve
Please provide the best answer for the statement.