YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP between 1999 and 2000?
A. 2.6%
B. 1.1%
C. 4.1%
D. 3.0%
Answer: C
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Economic theory has traditionally focused on optimality in decision-making
a. True b. False Indicate whether the statement is true or false
One determinant of the long-run average unemployment rate is the
a. market power of unions, while the inflation rate depends primarily upon government spending. b. minimum wage, while the inflation rate depends primarily upon the money supply growth rate. c. rate of growth of the money supply, while the inflation rate depends primarily upon the market power of unions. d. existence of efficiency wages, while the inflation rate depends primarily upon the extent to which firms are competitive.
The free-rider problem arises
A. when people realize they will still receive the benefits of a good whether they pay for it or not. B. when people feel their contribution is so small relative to the total amount needed that it won't make a difference whether they contribute or not. C. whenever the government produces a good or service. D. whenever there is a surplus of the product in the market.
Refer to the scenario above. If the number of participants in the auction increases to 20, Rebecca should place a bid of ________
A) $45,000 B) $42,750 C) $4,500 D) $40,500