One-third of the world's population live in China and India. How did the growth rate of these two countries compare with the growth of high income industrial countries during 1980-2009?
What will be an ideal response?
Per capita GDP increased more rapidly in China and India than in the high income industrial countries.
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Inflation must be high in Moscow because it is very expensive to live there
Indicate whether the statement is true or false
In the equation, GDP = C + I + G + X - M, G refers to
A) federal government expenditures plus all transfer payments. B) local, state, and federal government spending for all purposes. C) the taxes and expenditures of all government units. D) local, state, and federal government expenditure on goods and services, but does not include transfer payments.
If the fluctuations in the economy’s real growth rate from year to year are caused primarily by variations in the rate at which aggregate supply increases, then data would show
A. a cyclical relationship between inflation and unemployment. B. a direct relationship between inflation and unemployment. C. an inverse relationship between inflation and unemployment. D. no relationship between inflation and unemployment.
Private investment spending escalated during the post-World War II era (1945–50)
Indicate whether the statement is true or false