According to the data in the table above, real GDP per person grew at a rate of ________ between year 1 and year 2
A) 10 percent
B) 0 percent
C) 1 percent
D) 5 percent
E) 50 percent
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Continuous increase in investment in which of the following is most likely to cause sustained growth?
A) Capital B) Technology C) Land D) Labor
One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost compared with firms in other nations in the production of such aircraft
A) a higher B) an unrelated C) a lower D) a nonexistent E) an identical
Refer to the accompanying figure. Suppose a law is passed requiring restaurants to charge no more than $25 per meal. This law would:
A. increase producer surplus. B. have no effect on producer surplus. C. decrease producer surplus. D. have an ambiguous effect on producer surplus.