An IAC (industrially advanced country) had a per capita income of $28,200 while a DVC (developing country) had a per capita income of $1,200. If both countries experience a per-capita-income growth of 2 percent, then their respective per-capita income levels will become:
A. $33,840 and $1,440
B. $28,764 and $1,224
C. $33,840 and $1,224
D. $28,764 and $1,440
B. $28,764 and $1,224
You might also like to view...
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The law of diminishing marginal returns is the same as increasing returns to scale.
Answer the following statement true (T) or false (F)
The government performs each of the following economic functions except
A. collecting taxes. B. spending. C. issuing regulations. D. operating the price mechanism.
Which of the following items serve as a unit of account?
I. $100 cash II. checkable deposits III. an original Picasso painting IV. a $1,000 corporate bond that you own A) I only B) I and II C) I, II, and III D) I, II, and IV E) I, II, III, and IV