Economic growth can be defined as a percentage increase in
A. real GDP.
B. per capita real GDP.
C. nominal GDP.
D. consumption by households.
Answer: B
You might also like to view...
Economists ________ that price controls are desirable
A) are reluctant to state B) never believe C) only recently agree D) are in agreement
The cross-price elasticity of demand between milk and soft drinks is likely to be
a. negative because the goods are complements b. positive because the goods are complements c. negative because the goods are substitutes d. positive because the goods are substitutes e. 0 because the goods are not usually consumed by the same person at one time
The average work week in the United States has declined to fewer than 40 hours even though wage rates have been increasing. The best explanation of this phenomenon is that
a. the labor supply curve shifted to the right b. the labor demand curve shifted to the right c. the income effect of rising wages outweighed the substitution effect d. the income effect of rising wages could not outweigh the substitution effect e. none of the above
Suppose the foreign exchange market is in equilibrium and that the interest rate in Russia increases. How would the foreign exchange market be affected?
a. The supply of Russian rubles will decrease. b. The demand for Russian rubles will decrease. c. The Russian interest rate has no effect on the market. d. The supply of Russian rubles will increase. e. The demand for Russian rubles will increase.