If GDP was $17.43 trillion in 2014 and the population was 318.6 million, then GDP per capita was approximately
A. $43,575.
B. $48,390.
C. $54,708.
D. $57,798.
Ans: C. $54,708.
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At the equilibrium point of a market,
a. supply equals demand. b. neither demanders nor suppliers are satisfied. c. the quantities supplied and demanded are equal. d. suppliers will refuse any price increases offered by demanders.
The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The relationship between the price and the quantity the florist can sell is
A) positive. B) negative. C) nonexistent. D) linear. E) cross-sectionally trended.
When Jitters Coffee Company, Inc, can lower the cost of packaging a pound of coffee by doubling the quantity packaged each day, it is achieving
A) economies of scale. B) economies of scope. C) economies of team production. D) all of the above
The goal of expansionary monetary policy is to:
A. reduce interest rates to stimulate the economy. B. increase interest rates to stimulate the economy. C. reduce interest rates to slow down the economy. D. increase interest rates to slow down the economy.