Table 17.1 YearReal GDPPopulation1$575 billion22 million2$580 billion24 million3$605 billion25 million4$606 billion27 millionRefer to Table 17.1. This economy grew
A. Fastest in year 4.
B. At the same rate every year.
C. Fastest in year 3.
D. Fastest in year 2.
Answer: C
You might also like to view...
Transfer payments are an injection into the circular flow of income and expenditure model
a. True b. False Indicate whether the statement is true or false
Minimax Motors, a car manufacturer, spent $300 million on the establishment of a new plant that includes 25 assembly lines. The new plant has 470 employees that work 5 days a week to produce 1,200 cars per week. If Minimax Motors wants to increase its output to 1,400 cars per week immediately, it should: a. increase the number of assembly lines in its plant
b. increase the number of workers in the plant. c. increase the number of workers as well as the number of assembly lines in the plant. d. open a new plant with more assembly lines and workers.
Changes in the quality of a good
a. do not present a problem in the construction of the consumer price index. b. present a problem in the construction of the consumer price index, and that problem is sometimes referred to as substitution bias. c. are not accounted for, as a matter of policy, by the Bureau of Labor Statistics. d. can lead to either an increase or a decrease in the value of a dollar.
The marginal product of capital for the Cobb-Douglas production function is given by:
A. aKa-1 Lb. B. aKa-1 Lb-1. C. bKa Lb. D. bKa Lb-1.