Refer to the above table. If an economy's current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period?
A. $34,500
B. $55,200
C. $21,330
D. $13,140
Answer: A
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A pollution tax
a. is itself a form of negative externality b. is a positive externality used to offset a negative one c. is a price per unit of discharge of pollution d. is a tax on pollution control equipment e. may cause a common pool problem
If the CPI today is 120 and the CPI five years ago was 80, then something that cost $1 five years ago would cost $1.50 in today's prices
a. True b. False Indicate whether the statement is true or false
People's incomes are relatively low when they are young, reach a peak in middle age, and then decline. This fact helps explain:
A. the wide variations of Gini ratios among nations. B. the equality-efficiency trade-off. C. why the lifetime distribution of income is more equal than the distribution in any given year. D. why the lifetime distribution of income is less equal than the distribution in any given year.
Refer to the information provided in Figure 24.5 below to answer the question(s) that follow.
Figure 24.5Refer to Figure 24.5. If the economy is in equilibrium and the government increases taxes by $100 billion, equilibrium aggregate output ________ to $________ billion.
A. decreases; 1,300 B. decreases; 1,000 C. increases; 1,700 D. decreases; 1,500