What is the annual rate of growth of per capita real Gross Domestic Product (GDP) if real GDP grows at a constant rate of 3 percent per year and the annual rate of population growth is 3 percent?
A. 6 percent
B. -6 percent
C. 0 percent
D. 3 percent
Answer: C
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Which of the following situations will arise in the domestic market following the imposition of a voluntary export restraint?
A. imports increase, domestic production increases, prices increase B. imports decrease, domestic production increases, prices increase C. imports increase, domestic production decreases, prices decrease D. imports decrease, domestic production increases, prices decrease
According to this Application, studies estimated that a decrease of consumer wealth of $1 would ________ consumption spending by somewhere between ________
A) lower; $0.21 and $0.72 B) raise; $0.10 and $0.50 C) raise; $0.21 and $0.72 D) lower; $0.02 and $0.07
What is gained when people engage in specialization and trade?
A) Specialization and trade allow people to consume outside their individual production possibilities frontiers. B) Specialization and trade allow people to consume at a point on their production possibilities frontiers. C) Specialization and trade allow people to produce outside their individual production possibilities frontiers. D) Specialization and trade allow people to consume inside their production possibilities frontiers. E) There are no gains from specialization and trade.
Perfect competition requires that three conditions be satisfied
a. True b. False Indicate whether the statement is true or false