Per Capita Real GDP
What will be an ideal response?
1)Real GDP in billions/ Population in millions = thousands
2) per capital real GDP 2016 = per capital real GDP 2015 x annual growth rate
3) real GDP 2016 = per capital real GDP 2016 x population 2016
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From the price-setter's point of view, the appropriate cost of a good is
A) the inventory cost. B) the marginal cost. C) the sunk cost. D) the wholesale cost.
Education of girls is a crucial development investment because
(a) it leads to improved child health. (b) it leads to reduced fertility. (c) women do most of the work in agriculture. (d) all of the above.
If you were a rational expectations economist, you would argue that
a. there is absolutely nothing government can do, even in the short run, to reduce the economy's unemployment rate b. the government can use fiscal policy such as increased government spending or lower tax rates to reduce unemployment but can do nothing about curbing inflation c. Keynesian economic theory works only to reduce unemployment and can do nothing about curbing inflation d. inflation is avoidable if government abandons its policy to create a zero rate of unemployment e. market participants—demanders and suppliers—can be fooled in the long run by monetary and fiscal policy rules
For the monopolistic competitor, MR = P
a. True b. False Indicate whether the statement is true or false