U.S. per capita GDP is roughly how much larger than the world average?
A. Five times as large.
B. Twice as large.
C. Four times as large.
D. Three times as large.
Answer: A
You might also like to view...
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. At what price does each shoe shine sell?
A. $1 B. $3 C. $2.50 D. $2
A country with a comparative advantage in the production of a good will ________ production of the good and ________
A) increase; import the good B) not change; import the good C) decrease; export the good D) decrease; import the good E) increase; export the good
A wealthy economy is likely to choose to produce all consumption goods and no capital goods
Indicate whether the statement is true or false