If real GDP per capita doubles between 2005 and 2020, what is the average annual growth rate of real GDP per capita?
A) 4.7%
B) 10.5%
C) 15%
D) 21%
Answer: A
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The value of the marginal product of a resource is equal to:
a. the marginal revenue of the firm, if the product market is perfectly competitive. b. the market price of the product divided by the price of the resource. c. the market price of the product divided by the marginal product of the resource. d. the marginal revenue product of the resource, if the product market is perfectly competitive. e. the marginal product of the resource divided by the price of the resource.
Which of the following would not lead to a change in the supply of chocolate ice cream?
a. a change in productive capacity b. a change in the price of strawberry ice cream c. a change in the price of milk d. a change in the price of chocolate ice cream e. a change in the expected future price of chocolate ice cream
If full employment GDP is $1 trillion greater than the equilibrium GDP and the multiplier is 5, how much is the deflationary gap?
What will be an ideal response?
A catfish farmer will shut down production when
A. He is losing money. B. The best he can do is break even. C. Price falls below AVC. D. Total revenue falls below total costs.