Omega has a real GDP per capita of $5,000. If it has a constant 6% rate of growth, how many years will it take before Omega has a real GDP per capita of $40,000?
A. 8
B. 12
C. 36
D. 72
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
List three reasons why oligopolies are considered to be inefficient
What will be an ideal response?
All types of capital
a. are forms of resources that can be used in future production b. require a physical existence c. earn an economic rent d. yield profits for their owners e. require obtaining more education and job skills
The average total cost curve and the average variable cost curve grow closer as output increases because
a. the marginal cost of production intersects these curves at their minimum points b. in the long run all costs are variable c. the cost of labor dominates the cost of raw material inputs at high levels of output d. the total variable costs are constant e. the average fixed cost decreases as output increases