Over the period from 1870 to 2010, the growth of real GDP per capita tended to be more rapid between ________, particularly for ________.
A. 1870-1950; the United States
B. 1950-2010; Japan
C. 1870-1950; Canada
D. 1870-1950; Japan
Answer: B
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Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the amount of food produced
A) remains constant. B) decreases. C) increases. D) might increase or decrease depending on whether the demand for food is elastic or inelastic. E) might increase or decrease depending on whether the monopoly's marginal revenue curve lies below or above its demand curve.
A surplus occurs in a market when:
A) demand exceeds supply. B) price is lower than the equilibrium price. C) price is higher than the equilibrium price. D) the marginal cost of production is negligible.
The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?
A) $42 B) $24 C) -$2 D) -$24
In the balance sheet for the FBN bank above, the entries are in millions of dollars. If the desired reserve ratio equals 10 percent, FBN Bank has excess reserves of
A) $280 million. B) $200 million. C) $360 million. D) $0.