If you are told that in a given year the real growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then nominal growth rate of GDP per capita is:
A. 5.8%.
B. 3.8%.
C. 5.0 %.
D. 7.0 %.
Answer: D
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Perfectly competitive firms that earn an economic profit in the short run choose the output that
a. maximizes total revenue b. minimizes total cost c. maximizes the difference between total revenue and total cost d. maximizes the difference between total revenue and explicit cost e. maximizes the difference between total revenue and implicit cost
An example of a good that is not excludable is:
A. fish in the ocean. B. wireless connection to the Internet. C. a movie in a theater. D. a candy bar.
A price ceiling will increase the amount that is traded in the market while a price floor will reduce the amount that is traded in the market
Indicate whether the statement is true or false
When the federal government discovers that its tax revenues have fallen short of its planned spending, interest-bearing IOUs are printed and sold on the market by
a. the Federal Reserve b. the FDIC c. the Treasury Department d. Congress e. Department of Commerce