Suppose that the real Gross Domestic Product (GDP) growth rate for a country was 5 percent and the population growth rate was 3 percent. What would the per capital real Gross Domestic Product (GDP) growth rate be for this country?
A) -8 percent
B) -2 percent
C) 2 percent
D) 8 percent
Ans: C) 2 percent
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A unanimity rule for collective decision making has the disadvantage of _____
a. accepting too many inefficient outcomes b. high decision-making costs c. not clearly being a Pareto improvement d. increasing external costs
According to the theory of liquidity preference, the interest rate adjusts to balance the supply of, and demand for, loanable funds
a. True b. False Indicate whether the statement is true or false
If a social planner were running a monopoly, that planner could achieve an efficient outcome by charging the price that is determined by the
a. minimum point on the average total cost curve. b. intersection of the average total cost curve and the demand curve. c. intersection of the marginal cost curve and the demand curve. d. intersection of the marginal cost curve and the marginal revenue curve.
Real GDP is always measured in
A) cheaper dollars. B) quality of goods produced. C) base-year dollars. D) nominal dollars. E) current dollars.