If real GDP grew 5 percent last year and the population grew 2 percent, then real GDP per person grew by ________ percent
A) 2 B) 5 C) 3 D) 7 E) 10
C
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How do you suppose most people form an expectation of future inflation? Is that method consistent with the assumption of adaptive expectations?
What will be an ideal response?
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) There is one Nash equilibrium in this game.
B) There are three Nash equilibria in this game.
C) There are no Nash equilibria in this game.
D) There are two Nash equilibria in this game.
If the factor supply curve facing a monopolist is the market supply curve, and if the market supply curve is an upward sloping straight line, the marginal expenditure curve
A) lies below the market supply curve. B) lies above the market supply curve. C) is the market supply curve. D) crosses the market supply curve at the market wage rate. E) either A or B is possible.
Unanticipated inflation benefits
A) people or businesses who owe funds. B) people or businesses who lend funds. C) people who live on a fixed income. D) people with CDs (certificates of deposits) in the bank.