Refer to the above table. Which country had the highest growth rate of real Gross Domestic Product (GDP) from 2014 to 2015?
A) A B) B C) C D) D
C
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Explain the income effect and the substitution effects of a price change for a normal good
What will be an ideal response?
According to the Fundamental Theorems of Welfare Economics, the competitive equilibrium is dependent on the relative bargaining powers of the parties trading
Indicate whether the statement is true or false
It is possible to determine how much a nation will export over and above its domestic consumption at various international prices, other things being equal, by finding a set of equilibria. This schedule is:
a. the import demand curve for a nation. b. the export supply curve for a nation. c. the production possibilities frontier for a nation. d. the "notrade" equilibrium.
The term "shortage" refers to a:
A. situation in which the quantity supplied is less than the quantity demanded. B. situation in which the quantity demanded is less than the quantity supplied. C. signal that producers need to decrease the price of the good. D. market in which goods have to be sold quickly or the goods tend to rot or otherwise expire.