If real income per person was $47,210 in the U.S. in 2010, and $55,860 in 2014, what was the annual growth rate over this time period?
a. 4.29 percent per year
b. 1.83 percent per year
c. 8.45 percent per year
d. 1.18 percent per year
a
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Explain monetary policy goals and discuss any goal conflicts in the long run and the short run
What will be an ideal response?
Suppose an economy had an inflation rate of 7 percent last year. This has decreased to 6 percent this year. This means that the economy is: a. suffering from hyperinflation. b. experiencing deflation. c. experiencing disinflation
d. experiencing a wage-price spiral. e. experiencing a decrease in real wage.
Capital accumulation in a market system results from:
A. Increased purchases of consumers or households B. The "invisible hand" that guides the market C. Dollar votes by entrepreneurs and business owners D. Consumer sovereignty that prevails in the market
Refer to the graph below. At which point is marginal product (MP) at its maximum?
A. Point A
B. Point B
C. Point C
D. Point D