If the U.S. population grew at a 0.9 percent and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 4.0 percent B) 4.4 percent C) 5.3 percent D) 3.5 percent E) -3.5 percent
D
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A movement along the demand curve for a good can be attributed to a change in
a.the substitution effect of consuming a good
b.the demand for a good
c.the opportunity cost of producing a good.
d.the quantity demanded of a good
Fiscal policy may end up being destabilizing to an economy because
A) there is never a long enough time lag. B) the economy is almost always at full employment. C) the President may have different goals than Congress. D) various time lags associated with fiscal policy cause the policy changes to take effect too late to solve the problem it was supposed to solve.
Figure 10-2
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Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. At its profit-maximizing output, the firm’s total ____ is represented by area ____.
A. loss; GBHC B. profit; ADGHC C. loss; ADEC D. profit; EGH
Behavioral economists have found that people are more willing to save if saving is the default option, as in the case in which they have to opt out of an automatic payroll deduction savings plan. Economists call this:
A. the status quo bias. B. efficient rationality. C. a rule of the game. D. the ultimatum game.