If U.S. real GDP grew from $12 trillion one year to $12.7 trillion the next, the annual growth rate would be:
A. 94.4 %
B. 5.5 %
C. 105.8 %
D. 5.8 %
Answer: D
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The balance of payments is in equilibrium when
A) the sum of the current account balance and capital account balance is zero. B) net exports are zero. C) net foreign investment is zero. D) real foreign investment is equal to net exports.
Economic analysis indicates that growth in the size of government as a share of the economy will
a. always reduce economic growth and reduce the living standards of the citizenry. b. enhance economic growth and lead to higher income levels as it becomes larger and larger. c. initially promote growth as the government focuses on core functions, but deter growth as government becomes larger and larger. d. initially reduce economic growth, but eventually government will enhance growth as it becomes larger and larger.
A regulatory policy under which the government picks the point on the demand curve at which price equals average cost is known as:
A. average-cost pricing. B. marginal-cost pricing. C. average-revenue pricing. D. competitive pricing.
Which of the following would be considered an economic function of government?
A. promoting competition B. providing a legal system C. providing public goods D. All of these are correct.