Over the past 40 years, real GDP per capita has roughly
a. stayed the same.
b. tripled.
c. increased by 50 percent.
d. doubled.
e. declined by 50 percent.
Ans: d. doubled.
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Assume you borrow $1,000 on credit cards at an annual interest rate of 10 percent. If the inflation rate is 12 percent during the year and the debt has to be paid back in 12 months, then:
a. income will be redistributed from you to the bank. b. the real return for the bank will be greater than initially expected. c. you will repay the bank with fewer dollars than you borrowed. d. the dollars repaid will have less purchasing power than those borrowed. e. the bank will obtain the same return on the loan as initially expected.
As capacity utilization in an economy rises:
a. firms sell their fixed assets to remain solvent. b. the gap between the potential output and actual output widens. c. firms reduce their demand for labor. d. employment of inputs by firms declines. e. firms add more factories and machines and increase output.
Price reductions will usually result whenever the quantity supplied exceeds the quantity demanded at the current price
a. True b. False Indicate whether the statement is true or false