Which of the following has had the most rapid growth over the last two decades?
a. Germany
b. France
c. Pakistan
d. Bangladesh
e. India
E
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If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP price index for that year is:
a) 100. b) 200. c) 240. d) 300.
Suppose a monopolist has positive fixed costs and constant marginal costs. If the government regulates a monopoly's price to marginal cost, in the long run:
A. the monopolist will earn a profit if ATC > MC. B. the monopolist will earn a profit if ATC > P. C. the monopolist will exit the industry. D. the monopolist will earn zero profits.
When two people are on the contract curve, the allocation of goods
A) cannot be improved. B) is Pareto efficient. C) is such that neither individual can be made better off without making the other worse off. D) All of the above.
If the price elasticity of demand for a good equals one, then the demand for that good is:
A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.