In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. From 2011 to 2012, Armenia's standard of living ________
A) increased
B) decreased
C) did not change
D) might have increased, decreased, or remained unchanged but more information is needed to determine which
A
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The value of the marginal product of labor is given by:
A) the ratio of the marginal product of labor to the wage rate. B) the product of the marginal product of labor and the wage rate. C) the ratio of the marginal product of labor to the price of the final good produced. D) the product of the marginal product of labor and the price of the final good produced.
Liquidity refers to how:
A. easy an asset is to convert immediately to cash without losing value. B. quickly the same dollar changes hands in the economy. C. easy money converts to assets in an economy. D. quickly the average household spends its disposable income.
Technological improvements shift the average total cost curve and the marginal cost curve downward.
Answer the following statement true (T) or false (F)
Under a system of floating exchange rates, a shortage in a currency will lead to a(n)
A. long-term surplus of that currency. B. long-term shortage of that currency. C. depreciation of that currency. D. appreciation of that currency.