Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?
a. 12 percent
b. 10 percent
c. 4 percent
d. 2 percent
d
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
A country's CPI was 84.5 last year and 100.0 this year. The inflation rate was
A) 84.5 percent. B) 18.3 percent. C) 15.5 percent. D) 7.29 percent. E) -18 percent.
What role do business firms play in output markets and in factor markets?
What will be an ideal response?
Society faces a trade-off in all of the following situations except
A) when deciding who will receive the goods and services produced. B) when deciding how goods and services will be produced. C) when some previously unemployed workers find jobs. D) when deciding what goods and services will be produced.