Real GDP per person in both Alpha and Omega is equal to $2,000. Over the next 100 years, real GDP per person grows at a 1 percent annual rate in Alpha and at a 2 percent annual rate in Omega. After 100 years, real GDP per person in Alpha is ________ smaller than real GDP per person in Omega.
A. $5,410
B. $11,080
C. $2,000
D. $9,080
Answer: D
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Which of the following theories predicts that there can be no sustained rise in real GDP per person above the subsistence level?
i. Classical growth theory ii. New growth theory A) i only B) ii only C) Neither i nor ii D) Both i and ii E) None of the above because whether the rise in real GDP per person is sustained or not depends on what created the rise.
Comparing the U.S. balance of payments in 2012 to the rest of the world, we see that the
A) U.S. current account is similar in size to most developed nations and has a deficit. B) United States has the largest current account surplus. C) United States has the largest capital and financial account deficit. D) United States has the largest current account deficit. E) U.S. current account is similar in size to most developed nations and has a surplus.
When there are beneficial externalities in a market,
A. marginal social cost is above marginal private cost. B. marginal social benefit is above marginal private benefit. C. marginal social benefit is below marginal private benefit. D. marginal social cost is below marginal private cost.
Which of the following is a demand-increasing factor in the health care market?
A. Rising incomes. B. The aging of the population. C. Asymmetric information. D. All of these.