Convergence refers to closing the gap in ________ between poorer countries and richer countries.
A. real GDP
B. real GDP per capita
C. the growth rate in real GDP
D. the growth rate in real GDP per capita
Answer: B
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The figure above shows the production possibilities frontier for a country. A combination of 4 million gallons of milk and 4 million gallons of ice cream is
A) unattainable and production efficient. B) attainable and production efficient. C) unattainable. D) attainable and production inefficient. E) More information is needed to determine if the point is attainable or not.
Refer to Table 16-3. If Julie charges $10 per hour, how many hours of pet sitting services will be purchased and by whom?
A) 3 hours (1 hour each by Arun, Bernice, and Cara) B) 2 hours (1 hour by Cara and 1 hour by Dawn) C) 1 hour by Cara only D) 1 hour by Dawn only
In which type of contract is the agent paid per unit of output?
A) A commission based contract. B) A sharecropping contract. C) A piece rate contract. D) A contract with stock options as salary.
The concept of a risk premium applies to a person that is
A) risk averse. B) risk neutral. C) risk loving. D) all of the above