Per capita GDP will always rise when:
A.) The population rises.
B.) The rate of economic growth increases.
C.) There is an increase in the rate at which the economy's labor force grows.
D.) The rate of economic growth exceeds the rate of population growth.
D.) The rate of economic growth exceeds the rate of population growth.
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According to the Solow model, given the levels of total efficiency units of labor and technology:
A) efficiency units of labor do not play any role in the determination of steady-state equilibrium level of GDP. B) there is a maximum fixed level of GDP that an economy can achieve by increasing savings. C) increases in the savings rate is the sole reason for sustained economic growth. D) increases in the rate of physical capital accumulation can be the sole reason for sustained economic growth.
Refer to the above table. If real GDP is $12 billion, total planned expenditures and unplanned inventory changes are respectively
A) $12.4 billion and -$0.4 billion. B) $13.2 billion and -$0.8 billion. C) $0 and $14 billion. D) $12.4 billion and $0.4 billion.
In the figure above, the marginal cost of producing a computer
A) increases as more computers are produced. B) stays the same as more computers are produced. C) decreases as more computers are produced. D) is the same as the marginal cost of producing a television set.
In a debate on the state of the economy Senator X pointed out that the unemployment rates for teenagers, blacks, and hispanics had increased over the last year, while Senator Y stated that the unemployment rate in the United States was at its lowest level in more than 30 years. In this example, aggregate data is being used by:
A. neither senators B. both senators C. senator X D. senator Y