Real GDP per person in Canada was $7,377 in 1950. Over the next 48 years it grew at a compound annual rate of 2.0 percent. If instead real GDP per person had grown at an average compound annual rate 2.5 percent, then real GDP per capita in Canada in 1998 would have been approximately ________ larger.
A. $1,770
B. $5,049
C. $24,130
D. $9,370
Answer: B
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Elaine owns a beautiful diamond ring she purchased for $2,500. When she has it appraised she learns that it is now worth $3,000. Based on this information:
A. Elaine has experienced a $500 capital gain. B. Elaine's saving this year has increased by $500. C. Elaine's saving this year has decreased by $500. D. Elaine's wealth is unchanged.
A change in ________ creates a movement along the aggregate demand curve, while a change in ________ shifts the aggregate demand curve
A) expected profits; tax rates B) the price level; government expenditures C) foreign income; the foreign exchange rate D) real wealth; human capital
Which of the following statements is (are) correct? In the insider/outsider model there is
a. unemployment due to the real wage being set above the market clearing level. b. cyclical unemployment in response to changes in aggregate demand. c. structural unemployment in response to hysteresis. d. Both a and b e. all of the above
The only way that the family can consume more and enjoy a higher standard of living is to:
A. increase the amount each person produces. B. decrease the amount each person produces. C. increase how many people are in the family. D. increase both how many people are in the family, and the amount each one produces.