Roughly what was the change in Peru's per capita GDP between 1960 and 2011?
A) 105%
B) 85%
C) 40%
D) 20%
A
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The cost of using an additional unit of an input is called the
A) marginal revenue product. B) marginal physical product cost. C) marginal factor cost. D) marginal product of labor.
If tuna in the sea are open-access resources, they will be used until the marginal value of additional use equals
a. the marginal product of the resource b. the marginal revenue of the resource c. infinity d. negative infinity e. zero
The reason that the Fed does not actively use discount rate policy to control the money supply is because the Fed
a. acts when a majority of member banks agree on policy and the banks rarely agree. b. earns interest on discounting and cannot afford to lose the revenue. c. does not know how banks will respond to discount rate changes. d. has been directed by Congress to set the discount rate at a permanent level.
"In the long run, there are no fixed costs.". Explain the statement