The income per capita of a country with a population of 50,000 is $4,500. Its gross domestic product is ________
A) $54,500 B) $900,000 C) $225,000,000 D) $120,000,000
C
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Draw a two period budget line where the borrow/lending rate of interest, r, allows consumers to choose consumption in each of the two periods. C1 and C2 given their anticipated income on two periods, Y1 and Y2 . The vertical (C2) intercept is
a. b. c. d.
If Oscar's MPC is 0.95 and he earns an additional $2,000, how much would he spend?
a. $100 b. $1,900 c. $2,105 d. $40,000
Fiat money
a. is worthless. b. has no intrinsic value. c. may be used as a medium of exchange, but is not legal tender. d. refers to highly liquid assets that do not serve as a medium of exchange.
Assume the total product of two workers is 160 and the total product of three workers is 180. The three worker's average product is ________ while the third worker's marginal product is ________.
A. 20; 26.67 B. 320; 540 C. 20; 60 D. 60; 20