What would NOT be one of the reasons for a much lower real GDP in 1905, compared with 2007?
A. Productive capability in 1905 was lower than in 2007.
B. Fewer goods and services were available in 1905 than in 2007.
C. Automobiles were rare in 1905, but common in 2007.
D. On average, there were fewer poor people in 1905 than in 2007.
Answer: D
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Suppose the government wants to reduce illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly inelastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded. B) a large reduction in the quantity of exotic pets demanded. C) no change in the quantity of exotic pets demanded. D) an increase in the quantity of exotic pets demanded.
What is the formula for the present value of $1 one year from now? If the rate of interest is 5 percent, what is the present value of $10 to be paid one year from now?
What will be an ideal response?
In the simple aggregate expenditure model, the slope of the aggregate expenditure line depends on: a. interest rates
b. real gross domestic product. c. the price level. d. the marginal propensity to consume. e. the marginal propensity to save.
The opportunity cost to society of producing one more unit of the good is
A) average cost. B) marginal cost. C) efficiency costing. D) the optimal cost.