If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the total percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
D
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The real wage in Fantasyland has been constant since 1950. The nominal wage in 2015 was $100, and the Consumer Price Index (CPI) was 200 in 2015. What was the nominal wage in 2002 if the CPI was 50 in 2002?
A) Nominal wage = $25 B) Nominal wage = $400 C) Nominal wage = $100 D) Nominal wage = $250
If the market price for a crop is $4.00 a bushel, and the price support is $3.00, then raising the price support to $5.00
A. will cause the price received by farmers to rise to $5.00. B. will cause the price received by farmers to rise to $4.00. C. will cause nothing to happen. D. will cause the price received by farmers to fall.
When there are externalities, economic efficiency can be achieved without government intervention
A) at no time. B) when the externality affects many people and property rights are not well defined. C) when the externality affects many people and property rights are well defined. D) when the externality affects only a few parties and property rights are not well defined. E) when the externality affects only a few parties and property rights are well defined.
If a firm hires 215 workers it will produce 3,016 units of output. If it hires 216 workers it will produce 3,128 units of output. The marginal physical product of labor equals
A) 1. B) 112. C) 216. D) 3,128.