If the growth rate for GDP was 5 percent and GDP in year 1 was 140, then GDP in year 2 would be:
A. 133.3.
B. 135.
C. 145.
D. 147.
Answer: D
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Workers in high-income countries have ________ to work with than do workers in low-income countries
A) less physical capital B) more labor and less physical capital C) more labor D) more physical capital
The MR = MC rule is no longer accepted by most economists as representing the behavior of firms
Indicate whether the statement is true or false
If there are no statistical discrepancies, NDP is:
a) NI minus net foreign factor income. b) NI plus corporate income taxes. c) GDP deflated for increases in the price level. d) GDP minus taxes on production and imports.
The concept of absolute poverty states that anyone who falls too far behind the average income should be considered poor.
Answer the following statement true (T) or false (F)