Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2010 and 2011.
A. remains constant
B. increases
C. decreases
D. cannot be calculated
Answer: C
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According to Samuel Huntington, South Korea's economy experienced rapid economic growth because South Koreans valued thrift, investment, education, and discipline
On the other hand, Ghana's economy did not grow as fast because the country had different social values. This argument claims that: A) geographical location is a fundamental cause of prosperity. B) culture is a fundamental cause of prosperity. C) institutions are a proximate cause of prosperity. D) institutions are a fundamental cause of prosperity.
Why will a profit-maximizing, single-price monopoly NEVER produce the amount of output that maximizes its total revenue?
What will be an ideal response?
One method of setting price using the cost-plus method is to add
A) a given percentage of marginal cost to marginal cost of production. B) a given percentage of fixed cost to total fixed cost. C) a given percentage of average variable cost to average total cost. D) a given percentage of average total cost to average total cost.
Select the normative statement that completes the following sentence: If the minimum wage is raised:
a. cost per unit of output will rise. b. workers will gain their rightful share of total income. c. the rate of inflation will increase. d. profits will fall.