Assume the population growth rate is 2 percent and the real GDP growth rate is 5 percent. The change in standard of living, as measured by the growth rate in real GDP per person, is
A) 7 percent.
B) 2.5 percent.
C) 5 percent.
D) 3 percent.
E) -3 percent.
D
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The value of used goods ________ counted as part of GDP ________
A) are; as long as they are classified as consumption goods B) are; as long as they are classified as investment goods C) are not; because they were counted during the period when they were counted as new goods D) are not; because most fall in value and would cause a decrease in the value of GDP E) may be; as long as their value has risen
Suppose you only consume rice and bananas. Can both of these goods be Giffen goods in your consumption?
A) Yes, this is possible B) No, at least one of the goods must be normal C) No, they both can be inferior, but at least one of the goods cannot be a Giffen good D) We need more information about the goods to answer this question
Refer to the graph below.
If the production possibility curve shifts along the Good Y axis, which point will remain as a point of efficiency?
A. A B. B C. C D. D
Which of the following is included in both the U.S. GDP and GNP?
A. The value of cars produced by Nissan in Japan and the U.S. B. The value of all cars produced by Ford in Mexico. C. The value of all cars produced by General Motors in the U.S. D. The value of all cars produced by Toyota in the U.S.