In 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500 . Maconia had 5% growth in real GDP per person. In 2012 it had a population of 8,400 . To the nearest dollar what was real GDP in Maconia in 2012?
a. 216,815
b. 221,025
c. 226,416
d. None of the above is correct.
c
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In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income is
A) labor. B) consumption goods and services. C) land. D) entrepreneurshi
In the economy of Confoundia, 500 people have jobs, 1000 people are not working but are searching for work, and 2000 people don't work and don't seek work. The unemployment rate is
A) 25 percent. B) 33 percent. C) 40 percent. D) 50 percent. E) 66 percent.
If the cost of capital decreases the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate outward around the point where only labor is employed in production. D) shift inward in parallel fashion.
What can be said about the comparison between the unemployment benefits offered in Europe and in the United States?
a. Unemployment benefits tend to be lower in Europe and are offered for shorter periods than in the United States b. Unemployment benefits tend to be higher in Europe and are offered for shorter periods than in the United States c. Unemployment benefits tend to be lower in Europe and are offered for longer periods than in the United States d. Unemployment benefits tend to be higher in Europe and are offered for longer periods than in the United States e. Unemployment benefits in Europe and the United States tend to be of similar magnitude and are offered for similar periods.