In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000 . During the year its real GDP per person grew by about 1.94%. Which of the following sets of growth rates is consistent with this growth in real GDP per person?
a. 3% population growth and 4% real GDP growth
b. 3% population growth and 5% real GDP growth
c. 6% population growth and 4% real GDP growth
d. 6% population growth and 5% real GDP growth
b
You might also like to view...
In a small town the level of demand is capable of supporting only two gas stations. This market is
A) a natural duopoly. B) perfectly competitive because a homogeneous good is being sold. C) operating as if it was a monopoly. D) an example of monopolistic competition.
One major problem with some commodity monies is that: a. to be useful, money must be divisible
b. to be useful, money must be storable. c. to be useful, money must be of uniform quality. d. all of the above are problems with commodity monies.
Growth in employment can result
a. from an increase in labor supply only b. from an increase in labor demand only c. from changes in technology only d. from an increase in either labor supply or labor demand e. only when the wage rate falls
Refer to the graph below. It is given that the economy is at an initial equilibrium at point A. In mainstream economic view, the effect of a significant increase in productivity on the economy can best be represented by a shift from:
A. ASLR2 to ASLR1
B. AD1 to AD2
C. ASLR1 to ASLR2
D. AD2 to AD1