Which of the following is most likely to be a major source of growth in per capita GDP?
A. a high investment / GDP ratio
B. a high rate of inflation
C. rapid population growth
D. rapid growth in the money supply
Answer: A
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In the figure above, Joe is producing at point A. Joe's opportunity cost of producing one shirt is
A) 5/3 of a pair of pants per shirt. B) 3/5 of a pair of pants per shirt. C) 5 pairs of pants per shirt. D) 2 pairs of pants per shirt.
The cross price elasticity of demand is measured by the
A) percentage change in the quantity demanded of one good divided by the percentage change in quantity demanded of another good. B) percentage change in the price of one good divided by the percentage change in price of another good. C) percentage change in the demand for one good divided by the percentage change in price of another good. D) percentage change in the price of one good divided by the percentage change in the demand for another good.
An example of a nontradable good is:
A. a lead-painted toy from China. B. a stack of firewood from Montreal, Canada. C. a dish of handmade pasta in Lucca, Italy. D. All of these would be considered a nontradable good.
The substitution effect of a decrease in real interest rates is to cause a consumer to
A. increase future consumption and decrease current consumption. B. decrease future consumption and increase current consumption. C. decrease current consumption and increase saving. D. increase current consumption and increase saving.