In 1820 the country with the highest per capita GDP was ______________________. In 1900 the country that ranked #1 in terms of per capita GDP was ___________________ and fifty years later the top ranking was held by _________________________
A) the Netherlands; New Zealand; the United States.
B) the Netherlands; Australia; Switzerland.
C) the United States; the United States; the United States.
D) Austria; Australia; New Zealand.
A
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Assume the marginal propensity to consume (MPC) is 0.75 and the economy is in recession with real GDP $1 trillion below full-employment real GDP. To achieve full employment, aggregate demand (AD) must be increased $2 trillion. Following discretionary fiscal policy, government spending should be increased:
a. $0.25 trillion. b. $1 trillion. c. $0.5 trillion. d. $2 trillion.
One major problem with Social Security is that it is a “pay as you go” system.
Answer the following statement true (T) or false (F)
Analyzing each action of a firm on a case-by-case basis to determine if it is in violation of the antitrust laws is generally called judgment by:
A. performance. B. structure. C. case-by-case. D. comparison.
Manuel is retired and receives a fixed payment from his pension each month. When there is inflation ________.
A. Manuel will be better off B. the buying power of his pension will fall C. the value of his pension will rise D. will receive more money from his pension