Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita.
A. now greater than
B. still significantly less than
C. now equal to
D. within 5 percentage points of
Answer: B
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Which of the following occurs during a recession?
a. Output rises, employment rises and unemployment falls. b. Output falls, employment falls and unemployment rises. c. Output rises, employment falls and unemployment falls. d. Output rises, employment rises and unemployment rises. e. Output rises, employment rises and tax revenues fall.
If the aggregate supply curve shifts outward, then unemployment
a. and inflation will both decrease. b. and inflation will both increase. c. will increase and inflation will decrease. d. will decrease and inflation will increase.
Which of the following will most likely result from an unanticipated decrease in aggregate supply due to unfavorable weather conditions in agricultural areas?
a. a decrease in inflation b. a decrease in unemployment c. a decrease in the general level of prices d. an increase in the general level of prices
If the consumer's income and all prices simultaneously decrease by one-half, then the optimum consumption will
a. shift outward relative to the original optimum. b. move leftward along the original budget constraint. c. shift inward relative to the original optimum. d. not change.