If GDP grows at 4.5% rather than 3.5%, over a 25-year, period that would result in ________ than anticipated.
A. 28% more GDP
B. 25% more GDP
C. nearly 100% more GDP
D. 50% more GDP
Answer: A
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Which of the following statements differentiates between a shortage and a surplus?
A) A shortage occurs when price is held at the equilibrium price, but a surplus occurs when price is held above the equilibrium price. B) A shortage occurs when price is held below the equilibrium price, but a surplus occurs when price is held at the equilibrium price. C) A shortage occurs when quantity supplied exceeds quantity demanded, whereas a surplus occurs when quantity demanded exceeds quantity supplied. D) A shortage occurs when quantity demanded exceeds quantity supplied, whereas a surplus occurs when quantity supplied exceeds quantity demanded.
The total burden of a tax equals tax receipts plus excess burden.
Answer the following statement true (T) or false (F)
With perfect price discrimination, the firm faces a constant marginal revenue
a. True b. False
The percentage share of income of the top quintile on curve X is
A. 27.
B. 45.
C. 55.
D. 73.