If national income grows at twice the rate of population growth,
a. population will reach a maximum and per capita income will be maximized at that population level
b. eventually the rates must equal
c. per capita income will double each year
d. per capita income will be reduced by half each year
e. per capita income growth will double each year
E
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Pick the true statement regarding the notion of competition as a process versus the model of perfect competition
A) The process notion allows for uncertainty and incomplete information; perfect competition doesn't. B) The process notion allows for price searching activity; perfect competition doesn't. C) The process notion allows for product differentiation; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) All of the above are true.
Capital goods are typically purchased to ________. They get included in GDP ________
A) replace raw materials; in the year they are produced B) enable the investor to produce other goods and services; in each year they are utilized C) enable the investor to consume less in the current period; as they are used up in the stages of production D) enable the investor to produce other goods and services; in the year they are produced E) none of the above
According to surveys, the most common concern regarding international trade is a shortage of working capital to finance exporting activities.
a. true b. false
The largest trading partner of the U.S. in 2012 was:
A. China B. Japan C. Mexico D. Canada