Table 17.1 YearReal GDPPopulation1$575 billion22 million2$580 billion24 million3$605 billion25 million4$606 billion27 millionRefer to Table 17.1. The growth rate of the economy from year 2 to year 3 was
A. 4.0 percent.
B. 4.2 percent.
C. 4.1 percent.
D. 4.3 percent.
Answer: D
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The various quantities of all final commodities demanded at various price levels, ceteris paribus, is the
A) LRAS. B) production possibilities curve. C) aggregate demand curve. D) aggregate supply curve.
Interpreting the intercept in a sample regression function is
A) not reasonable because you never observe values of the explanatory variables around the origin. B) reasonable because under certain conditions the estimator is BLUE. C) reasonable if your sample contains values of Xi around the origin. D) not reasonable because economists are interested in the effect of a change in X on the change in Y.
One limitation of the production possibilities curve is that it is unable to tell us ______.
a. when we are operating efficiently b. when we are operating inefficiently c. the trade-off for producing more of one item d. the best place to be on the curve
Suppose a lazy monopolist's fixed costs are higher than the fixed costs of an efficient monopolist. In all other respects the monopolists are the same. Which of the following statements about this lazy monopolist is true?
A. It produces fewer goods than the monopolist producing efficiently. B. It charges a higher price than the monopolist producing efficiently. C. It sets price and quantity the same as the monopolist producing efficiently. D. It charges a lower price than the monopolist producing efficiently.