Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $9,500 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) -10% B) -5% C) -2% D) -1%
B
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Which of the following is a possible reason for the improved economic performance between 1985 and 2007?
A) Demand Shocks have become smaller and less important. B) Monetary and fiscal policy have become more effective. C) Change in conditions that make monetary and/or fiscal policy more powerful. D) All of the above
Which of the following is a key factor in opening up trade between countries?
a. Differences in consumer income b. Differences in opportunity costs c. Differences in growth rates d. Differences in consumption patterns
Who decides what portion of the money supply will be held as currency in circulation?
a. The Treasury b. The central bank c. The banking system d. The non-bank public e. All the above.
Assume that labor is a variable input. The average wage of workers increases in a purely competitive industry. This change will result in a(n)
A. increase in marginal cost for firms in the industry and an increase in the industry supply curve B. decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. increase in marginal cost for firms in the industry and a decrease in the industry supply curve