Summarize the historical growth record of the United States over the past 50 years in terms of real GDP growth and in terms of real GDP per capita growth. What three qualifications should be made about these growth rates?
Please provide the best answer for the statement.
The real GDP has increased about 3.1% per year between 1950 and 2012. Real GDP per capital rose more slowly because population has grown along with GDP. Still the GDP per capital growth has increased at roughly 2% per year between 1950 and 2012. Economic growth in the United States has provided for improved products and services, added leisure and other environmental and quality of life effects such as stronger environmental protection.
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All other things equal, GDP will rise if:
A. imports rise. B. exports fall. C. durable goods consumption rises. D. military spending falls.
If a tax is progressive, then:
A. The average and marginal tax rates are always equal B. As the tax base increases, the marginal tax rate declines C. As the tax base rises, the average tax rate is greater than the marginal tax rate D. As the tax base increases, the marginal tax rate is greater than the average tax rate
Because the demand for agricultural products is price-inelastic, price support programs tend to:
A. Increase farm income B. Decrease farm income C. Have no effect upon farm income D. Cause farm incomes to fluctuate more than they would without such programs
Derive the budget line equation for the case where good 1 is a composite good. What is the vertical intercept and what is the slope?
What will be an ideal response?