Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2007 is
A) $490.00.
B) $568.00.
C) $580.00.
D) $671.00.
C
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A country's unemployment rate fell from 6% to 5% during a year. If its total population, capital stock and output remain unchanged, ________
A) its income per worker will increase B) its income per capita will increase C) its income per worker will fall D) its income per capita will fall
An economic system in which the government decides what, how, and for whom to produce, directs workers to jobs, and owns all the land and capital is
A) centrally planned socialism. B) market capitalism. C) mixed economy. D) supported by economists as the best system available.
If a firm experiences positive technological change, it is able to produce more output using the same inputs
Indicate whether the statement is true or false
During 2007-2008, the price of gasoline increased from approximately $1.50 to $4.00 per gallon. As a result, the
What will be an ideal response?