This year Iceland has a real GDP per person that is approximately 8 times greater than that of Cape Verde. Cape Verde's growth rate of real GDP per person was 5.2 percent
If Cape Verde maintains this current growth rate, approximately how many years will it take for Cape Verde's real GDP per person to reach the same level that Iceland has this year? A) 13.5 years
B) 20 years
C) 27 years
D) 40 years
E) 54 years
D
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Suppose you are an advisor to the Business Cycle Dating Committee. You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year
Which data do you look at? How does the economy behave at the onset of a recession?
An indication that Insurance companies anticipate adverse selection is
a. they require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
The Principle of Increasing Opportunity Costs states that:
A. opportunity costs increase when too little is produced. B. when increasing production, resources with the lowest opportunity costs should be used first. C. when increasing production, resources with the lowest opportunity costs should be used last. D. productive people do the hardest tasks first.
Figure 11-2
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Which graph in Figure 11-2 best reflects a Keynesian view of the impact of a $500-per-person tax cut?
A. 1 B. 2 C. 3 D. 4