Which of the following equations is correct?
A. rate of growth of per capita real Gross Domestic Product (GDP) = rate of growth in real GDP + rate of growth of population
B. rate of growth in real Gross Domestic Product (GDP) = rate of growth of per capita real GDP - rate of growth of population
C. rate of growth in real Gross Domestic Product (GDP) = rate of growth of per capita real GDP - rate of growth of population
D. rate of growth of per capita real Gross Domestic Product (GDP) = rate of growth in real GDP - rate of growth of population
Answer: D
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What is the difference between economic efficiency and equity?
What will be an ideal response?
An increase in shipments of currency from the Federal Reserve to commercial banks will
A) increase the money supply. B) increase bank reserves. C) reduce bank reserves. D) have no effect on bank reserves.
What characteristic do both human and physical capital share?
A) Both are controlled by the government. B) Current costs are incurred for future benefits. C) The use of both exhibits rivalry. D) They can easily be transferred to new ownership.
Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________.
A. $4; 6 B. $2; 8 C. $8; 6 D. $6; 4