If national real GDP grows at twice the rate of population growth,
A. real per capita GDP growth will double each year.
B. eventually there will be too much GDP.
C. real per capita GDP will double each year.
D. real per capita GDP will be reduced by half each year.
Answer: A
Economics
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The federal income tax in the United States is
A) regressive. B) proportional. C) progressive. D) a flat-rate tax.
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In a competitive labor market, if the supply of labor increases, wages will:
A. increase. B. decrease. C. remain the same. D. drop to zero.
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According to the equation of exchange, if M = $400, P = 8, and Y = $200, then V equals
A. 40. B. 32. C. 4. D. 16.
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When demand is elastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)
Economics