In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000 . In 2011 it had a population of 5,200 and real GDP of 636,480 . During 2011 real GDP per person in Bovina grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years.
b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years.
c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years.
d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
b
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in demand and an increase in quantity supplied are represented by a movement from
A) point b to point d. B) point d to point a. C) point c to point d. D) point b to point a.
Which of the following involves signaling?
a. high wage rates attracting a larger pool of applicants for a job b. firms taking advantage of outsourcing when transactions costs are low c. reporting one's college GPA on a resume d. paying higher wages to workers who produce more e. requiring the sales staff to work strictly on commission
If the Fed was trying to reduce demand-pull inflation, it might:
a. sell government securities, lower reserve requirements and lower the discount rate. b. sell government securities, raise reserve requirements and raise the discount rate. c. sell government securities, lower reserve requirements and raise the discount rate. d. buy government securities, lower reserve requirements and raise the discount rate.
Marginal cost is the:
A. rate of change in total fixed cost that results from producing one more unit of output. B. change in total cost that results from producing one more unit of output. C. change in average variable cost that results from producing one more unit of output. D. change in average total cost that results from producing one more unit of output.