At a 3.5 percent annual growth rate it would take 20 years for GDP per capita to double
Indicate whether the statement is true or false
TRUE
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A technological improvement that lowers production costs for Good A will shift: a. the supply curve for A to the left
b. the demand curve for A to the left. c. the demand curve for A to the right. d. the supply curve for A to the right.
To construct a graph that would enable us to find equilibrium GDP, we would need to plot
a. the consumption-income line b. a line showing the sum of consumption and investment at each income level c. the investment spending line d. the consumption-income line and the government expenditures line e. an aggregate expenditure line and the 45-degree line from the origin
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Refer to the information provided in Table 19.4 below to answer the question(s) that follow.Table 19.4Total IncomeTotal Taxes$10,000 $1,000 20,000 2,400 30,000 4,500 40,000 8,000Related to the Economics in Practice on page 393: Refer to Table 19.4. At an income level of $10,000, the average tax rate is
A. 1%. B. 5%. C. 10%. D. 20%.