____________________ - a perfectly competitive price system will bring about an economically efficient allocation of resources
Fill in the blank(s) with the appropriate word(s).
Answer: First Theorem of Welfare Economics
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If population growth occurs while jobs are difficult to obtain or labor force participation does not increase
A) there may be little or no increase in a nation's labor resources. B) per capita GDP is likely to increase sharply. C) economic growth will be robust because any population gain is a plus. D) a nation's labor resources will still continue to increase in both quality and quantity.
Using the information in the table above, calculate gross domestic product
A) $118 B) $108 C) $86 D) $78
If a country is producing efficiently and is on the production possibilities frontier, the country can produce more of one good without producing less of the other good
Indicate whether the statement is true or false
Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, what was the real interest rate you paid?
A) 16 percent B) 12 percent C) 8 percent D) 6 percent