The population growth rate in IACs (industrially advanced countries) in 2000-2010 averaged 0.7% per year. This compares to what percentage growth per year in low-income DVCs (developing countries)?
A. 1.1%
B. 2.1%
C. 4.0%
D. 0.4%
B. 2.1%
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The price elasticity of supply is equal to
A) the change in quantity supplied divided by the change in price. B) the percentage change in quantity supplied divided by the percentage change in price. C) the value of the slope of the supply curve. D) the percentage change in price divided by the percentage change in quantity supplied.
A monopoly market is:
A. a market with many sellers. B. a market with a single seller. C. a market with a few sellers. D. a market with a single buyer.
Which of the following factors would increase aggregate demand in the goods and services market?
a. an decrease in stock prices b. an increase in the real interest rate c. a decrease in real incomes abroad d. increased optimism on the part of consumers and businesses
Real GDP per person in Westland is $30,000, while real GDP in Eastland is $10,000, Westland's real GDP per person is growing at 3 percent per year and Eastland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:
A. Eastland's real GDP per person will always be exactly $20,000 less than Westland's. B. Eastland's real GDP per person will eventually be greater than Westland's. C. Westland's real GDP per person will always be at least $20,000 greater than Eastland's. D. Eastland's real GDP per person will rise until it equals Westland's real GDP per person.