In 1950, the country with the highest per-capita GDP was
A) Switzerland.
B) New Zealand.
C) the United States.
D) Venezuela.
E) the Netherlands.
C
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If the demand for a product is perfectly inelastic, a decrease in the price of the product
A) will not change total revenue. B) will decrease total revenue. C) will increase total revenue. D) any of the above are possible.
Starting in 2008 and continuing into 2012, the Japanese yen kept appreciating against the U.S. dollar, hurting Japanese exports to the U.S
Indicate whether the statement is true or false
Consider the following linear demand function where QD = quantity demanded, P = selling price, and Y = disposable income: QD = ?36 ?2.1P + .24Y The coefficient of P (i.e., ?2.1) indicates that (all other things being held constant):
a. for a one percent increase in price, quantity demanded would decline by 2.1 percent b. for a one unit increase in price, quantity demanded would decline by 2.1 units c. for a one percent increase in price, quantity demanded would decline by 2.1 units d. for a one unit increase in price, quantity demanded would decline by 2.1 percent e. none of the above
Disposable personal income:
a. includes personal income taxes. b. excludes personal income taxes. c. excludes transfer payments. d. is income spent for personal items such as homes and cars.