If the economy's real GDP doubles in 18 years, we can
A. conclude that its average annual rate of growth is 12%.
B. conclude that its average annual rate of growth is 4%.
C. not say anything about the average annual rate of growth.
D. conclude that its average annual rate of growth is 8%.
Answer: B
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If we compare the United States to France, we see that potential GDP per person in France is ________ that in the United States because the French tax wedge is ________ the U.S. tax wedge
A) greater than; larger than B) the same as; the same as C) greater than; smaller than D) less than; smaller than E) less than; larger than
An unequal distribution of income is considered fair according to Robert Nozick if
A) marginal cost equals marginal benefit. B) the cost of administering a welfare system is minimized. C) property rights are enforced and voluntary exchange occurs. D) the economy is producing its maximum total output. E) resources are allocated using the command method.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the deadweight loss in the market for coal miners due to the monopsony?
A. $250,000 B. $500,000 C. $125,000 D. $750,000
Economic growth and development in LDCs are low because many of them lack:
a. saving. b. infrastructure. c. a political environment favorable to growth. d. All of the answers are correct.