Per capita GDP will definitely rise if
A. The rate of economic growth is less than the rate of population growth.
B. The population falls and GDP does not fall.
C. There is a decrease in the size of the working population.
D. The rate of economic growth falls.
Answer: B
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Define marginal cost and marginal benefit
What will be an ideal response?
After tickets for a major sporting event are purchased at the official box office price, a market often develops whereby these tickets sell at prices well above the official box office price
Which of the following scenarios would NOT be able to explain this result? A) The official price was below equilibrium from the moment the tickets were available. B) Increased publicity causes the demand curve for the event to shift rightward. C) The event was not a sellout. D) Not everyone who wanted a ticket was able to buy one at the box office.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A. W = 0.02Q - 500 B. W = 0.02Q + 500 C. W = 25,000 - 50Q D. W = 200Q + 50,000
The Phillips Curve shows the trade-off between
a. unemployment and output b. inflation and output c. rates of unemployment and inflation d. imports and exports e. unemployment and inflation