In general, a country that adheres to the rule of law has
A. a lower level of real Gross Domestic Product (GDP) per capita.
B. no relationship to the level of real Gross Domestic Product (GDP) per capita.
C. an inverse relationship to the level of real Gross Domestic Product (GDP) per capita.
D. a higher level of real Gross Domestic Product (GDP) per capita.
Answer: D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The implication of the Solow model is that for sustained growth:
A) the ratio of savings rate to depreciation rate should be constant as the economy grows over time. B) the ratio of savings rate to depreciation rate should increase as the economy grows over time. C) the ratio of capital stock to GDP should decreases the economy grows over time. D) the ratio of capital stock to GDP should be constant as the economy grows over time.
The range in which there is diminishing marginal productivity starts at the point where: a. marginal product reaches its maximum
b. average product reaches its maximum. c. total product reaches its maximum. d. marginal product begins to decrease at an increasing rate.
The change in the capital stock is the return on investment.
Answer the following statement true (T) or false (F)