Over the period 1870-2014, the United States experienced an average annual growth rate of real GDP per person of about 1.8 percent per year
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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If prices in the current year are higher on average than in the base year, real GDP in the current year ________ nominal GDP in the current year.
A. is equal to B. could be greater than or less than C. is greater than D. is less than
Economics
As nonunion construction workers replace a unionized work force, the average wage in the construction sector is likely to rise
Indicate whether the statement is true or false
Economics
In the short run, a firm should shut down when
A) P < AVC. B) P > MC. C) MR > MC. D) MR = ATC.
Economics
The elasticity of demand for a luxury car is: a. highly elastic
b. highly inelastic. c. equal to zero. d. infinitely elastic.
Economics