Which of the following measures the growth rate of an economy?
A. Real GDP divided by nominal GDP.
B. GDP per worker.
C. Investment as a percentage of GDP.
D. The percentage change in real GDP from one period to another.
Answer: D
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When the Rent-A-Limo Company negotiates its new labor contract it finds that the wages it must pay drivers have increased
How does this wage hike affect the Rent-A-Limo Company's average fixed cost, average variable cost, average total cost, and marginal cost?
Refer to the above graphs. Which statement is true?
A. The firm is experiencing economic losses. B. The firm is breaking even. C. The firm will increase production. D. The firm is making economic profit.
A decrease in the productivity of workers shifts the labor ________ curve to the ________.
A. supply; right B. demand; right C. supply; left D. demand; left
If the slopes of the production possibility frontiers involving sugar and rice in countries A and B are equal
A. each country will produce identical quantities of sugar and rice. B. specialization does not benefit either country. C. the opportunity cost of producing rice is less in Country B. D. the opportunity cost of producing sugar is less in Country A.