In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years
B) 20 years
C) 40 years
D) 60 years
E) 56 years
C
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Why is it difficult to determine whether fluctuations in the target interest rate have led to business cycle fluctuations in the United States, according to the New Keynesian model?
A) Because the Federal Reserve may change the target interest rate according to economic conditions. B) Because the target interest rate is nominal, not real. C) Because inflation is not well measured. D) Because money is neutral.
An appreciation of the U.S. dollar relative to the Japanese yen causes
A) a lower dollar-price of Japanese goods which induces the U.S. to increase their purchasing of Japanese goods. B) the quantity demanded of U.S. dollars to increase because the Japanese want to buy more U.S. goods. C) the Japanese to buy more U.S. goods, causing the dollars to appreciate further. D) the U.S. to buy less Japanese goods, causing the U.S. to depreciate.
Suppose a monopolist has costs such that when output is 500 units per hour, average costs are $3. If the monopolist is regulated by a policy of average-cost pricing, the monopolist will charge a price of:
A. $3. B. $3 only if the quantity demanded is 500 units per hour at a price of $3. C. $3 only if the quantity demanded is greater than 500 units at a price of $3. D. $3 only if the quantity demanded is less than 500 units per hour at a price of $3.
Opportunity cost exists because of
A) poverty. B) scarcity. C) greed. D) self-interest.