Compare the growth rates in Hong Kong, Korea, Singapore, Taiwan, China, and the United States. In terms of real GDP per person, how far is China behind these others?
What will be an ideal response?
Since 1960, income per person in the nations of Hong Kong, Singapore, Korea, Taiwan, and China have grown very rapidly and are rapidly catching up to the United States. Income per person in Hong Kong is virtually the same as that in the United States and income per person in Singapore slightly exceeds that in the United States. Income in Korea also is relatively close. Income in China is the lowest, though recently China has been growing the most rapidly. China's level of income in 2010 is similar to that of Hong Kong in 1976.
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The best explanation of why the aggregate demand curve has a negative slope is that
A) at a higher price level households cut back on their spending on goods and services. B) at a higher price level business firms wish to produce more goods and services. C) a higher price level results in lower real balances and a higher real interest rate. D) a higher price level results in less government spending on transfers, such as unemployment insurance and social security payments.
The theory of consumer choice examines
a. the determination of output in competitive markets. b. the tradeoffs inherent in decisions made by consumers. c. how consumers select inputs into manufacturing production processes. d. the determination of prices in competitive markets.
Based on this graph, the result of supply-side policies shifting the long-run and short-run aggregate supply curves rightward is ______.
a. an equilibrium point higher up the aggregate demand curve
b. an equilibrium point lower down the aggregate demand curve
c. a leftward shift of the aggregate demand curve
d. a rightward shift of the aggregate demand curve
Refer to Figure 22.3 for a perfectly competitive firm. If the market price is $23,
A. Economic profits are zero. B. The firm will have above-normal profits. C. The firm should produce 31 units. D. The firm should produce 25 units.