If real GDP in 2003 is $9 trillion and real GDP in 2004 is $9.27 trillion, then the economic growth rate in 2004 is ____.
a. 2.7 percent
b. $0.27 trillion
c. 3.0 percent
d. $9.27 trillion
Answer: c. 3.0 percent
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies. B. higher rates of infant mortality. C. higher material standards of living. D. higher rates of literacy.
Use the information in the following table to answer the next question. In the table, investment is in billions.(1) Interest Rate(2) Investment (billions of dollars)(3) Investment (billions of dollars)4%$100$8059070680607705086040Suppose the Fed increases the interest rate from 5 to 6%. As a result of this increase in the interest rate, using column (2) investment will ________.
A. increase by $10 billion B. increase by $20 billion C. decrease by $10 billion D. decrease by $20 billion
A star basketball player signs a contract that newspaper reports indicate is worth $10 million. The player receives $2 million upon signing, and $2 million every year for four years. The contract is worth
A. less than $10 million since the present value of $2 million received one or more years from now is less than $2 million. B. $10 million as reported in the press. C. some amount around $10 million. To determine whether it is more or less than $10 million we need to know whether the interest the player can earn is more or less than the market rate of interest. D. more than $10 million since the present value of $2 million received one or more years from now is more than $2 million.
The Sherman Antitrust Act of 1890
A. banned price discrimination. B. made tying contracts illegal. C. limited mergers that would substantially lessen competition or tend to create a monopoly. D. made illegal every conspiracy in restraint of trade or commerce among the several states.