Suppose an economy’s real GDP is $700 billion in year 1 and $718 billion in year 2. What is the growth rate of its GDP?
Please provide the best answer for the statement.
[($700 ? $718)/($700)] = .0257. In percentage terms, the growth rate is 2.57%.
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Dell Computers decides to produce PCs and sell them directly over the Internet and via Best Buy. This is an example of
A) incentives. B) a microeconomic decision. C) a macroeconomic decision. D) scarcity.
Describe the relationship between intended investment and the level of national income
For superstar athletes
A. their entire earnings are economic rent. B. none of their earnings are economic rent since they will do some other work once they are too old to be an athlete. C. none of their earnings are economic rent since rent doesn't apply to labor. D. part of their earnings are economic rent.