According to the text, the average annual growth rate of real GDP during the 2000-2020 period was about ________ for advanced nations and about ________ for emerging and developing nations.
A. 1.5%; 3%
B. 5%; 4%
C. 7%; 2%
D. 5%; 5%
Answer: A
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Although the efficient quantity to produce of any good is located where marginal social benefit and marginal social cost are equal, there will usually be other quantities where the sum of consumer and producer surplus are greater
Indicate whether the statement is true or false
Majority of slaves that were brought to the New World during the colonial period were used in the production of:
a. cotton. b. sugar. c. tobacco. d. rice.
Social regulation means that the government dictates the price that a firm must charge and/or the quantity that a firm must supply
a. True b. False Indicate whether the statement is true or false
Starting with an exchange rate of $1 = ¥110, and a price tag of ¥30,000 for a Japanese good, what happens to the dollar price of the good if the yen appreciates by 6 percent?
A) the dollar price of the good rises from $272.73 to $289.09 B) the dollar price of the good falls from $272.73 to $256.37 C) the dollar price of the good rises from $330,000 to $349,800 D) the dollar price of the good falls from $330,000 to $310,200 E) ?the dollar price of the good rises falls from $2,700 to $2,560