If real GDP grows at 3% and population grows at 1.2%, then real GDP per capita grows by 4.2%.
a. true
b. false
Ans: b. false
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Refer to the scenario above. What is the nominal GDP of the economy in 2012?
A) $47,000 B) $56,000 C) $55,000 D) $49,500
An individual's consumption and saving behavior during a given year, as a result of a planning process that considers his or her lifetime economic situations, is known as the
A. lifetime model. B. consumption model. C. life-cycle model. D. income model.
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
If the exchange rate is pegged at $2.50 per pound
A. the pound will be overvalued. B. the British goods will become cheap in U.S. markets. C. the pound will be undervalued. D. the demand for American goods will fall in British markets.
Which of the following observations is not true?
A. Money is divisible. B. The value of money never remains the same. C. Money has an intrinsic value. D. Money is the most liquid form of asset.