Economic growth is usually defined as
A) the increase in output over time, as measured by real per capita Gross Domestic Product (GDP).
B) the reduction in the real cost of necessities.
C) the rate of increase in output divided by the increase in labor.
D) the increase in input availability.
A
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You have $20,000 of current income and $45,000 of future income. The interest rate between the current and future period is 2 percent. When you allocate consumption optimally between the two periods the marginal rate of time preference between the two periods is
A. 0.80. B. -1.02. C. -1.00. D. -1.80.
If the deficit is falling, the national debt will be ________.
Fill in the blank(s) with the appropriate word(s).
The basic formula for the price elasticity of demand coefficient is:
A. absolute decline in quantity demanded/absolute increase in price. B. percentage change in quantity demanded/percentage change in price. C. absolute decline in price/absolute increase in quantity demanded. D. percentage change in price/percentage change in quantity demanded.
Which of the following activities does NOT diversify risk?
A) investing in real estate in various states across the United States. B) writing earthquake insurance policies for the entire Western United States C) writing hurricane insurance policies only in Florida D) purchasing the stock of a variety of different companies