Why do very small differences in annual growth rates amount to big differences in the degree of long-term economic growth?
A. because the faster-growing countries gain a political advantage over poorer countries, and use that advantage for their economic gain
B. because the slower-growing countries save too much
C. because the annual growth rate is compounded over time
D. because the slower-growing countries don't export enough
Answer: C
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Hot dogs and hot dog buns are complements. If the price of a hot dog falls, then
A) the demand for hot dogs will increase. B) the demand for hot dog buns will increase. C) the quantity demanded of hot dog buns will increase. D) the quantity demanded of hotdogs will decrease. E) the demand for hot dog buns will decrease.
In the short run, a decrease in government expenditure ________ real GDP and ________ the price level
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
An advantage to exchange-rate targeting is it helps keep inflation under control by tying the inflation rate for ________ traded goods to what is found in the ________ country
A) domestically; anchor B) domestically, domestic C) internationally; anchor D) internationally; domestic
In 2009, our current account deficit was $__________ billion.
Fill in the blank(s) with the appropriate word(s).