In 1978, China was the world's 15th-largest economy. By 2011, China had:
A. the second-largest economy in the world.
B. a larger economy than Japan but smaller than Germany.
C. an economy worth about $11 trillion.
D. the fourth-largest economy in the northern hemisphere
A. the second-largest economy in the world.
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A regulation that sets the lowest price at which it is legal to trade a good is a
A) search ceiling. B) price floor. C) production ceiling. D) price ceiling. E) subsidy.
Belgium's real GDP per person is $33,000 and Austria's is $34,700. The population growth rate in Belgium is 0.13 percent and the growth rate of real GDP is 3.0 percent
The population growth rate in Austria is 0.08 percent and the growth rate of real GDP is 3.3 percent. If these growth rates continue, how many years will it take for Belgium's real GDP per person to equal Austria's real GDP per person? A) Belgium's standard of living will never equal Austria's. B) just over 23 years C) just over 24 years D) just over 21 years E) over 230 years
The Department of Commerce sums the payments made to resources to arrive at GDP in the form of wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called the:
a. opportunity cost approach. b. income approach. c. expenditure approach. d. monetarist approach.
Which statement is true?
A. Our lower rate of productivity growth has been affected by our low rate of savings. B. Our lower rate of productivity growth has been caused almost entirely by our high rate of savings. C. Our high rate of productivity growth has been caused almost entirely by our high rate of savings. D. Our high rate of productivity growth has been caused almost entirely by our low rate of savings.