If a nation has GDP of $12,500 billion and GDP per capita of $62,500, what is the nation's population?
A. 200 million.
B. 625 million.
C. 180 million.
D. 230 million.
Answer: A
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To determine short-run equilibrium in the economy, we use an aggregate supply curve that is:
a. downward-sloping. b. vertical. c. upward-sloping. d. horizontal. e. parabolic.
Macroland produces dishes and glassware. Before trade, a set of dishes sells for $100 and a set of glasses sells for $50. When Macroland opens to trade, foreign demand for domestically produced china is strong, raising the price of a set of dishes to $125. But foreign competition reduces the demand for domestically produced glasses, so they now sell for $25 a set. Assuming workers cannot move between industries, the wages of workers producing dishes will ________ and the wages of workers producing glasses will ________.
A. increase; not change B. increase; increase C. increase; decrease D. decrease; increase
Refer to the diagram below for the milk market. If the price were $2 per gallon, then there would be a:
A. Shortage of 20 million gallons
B. Shortage of 10 million gallons
C. Surplus of 10 million gallons
D. Surplus of 30 million gallons
The marginal cost curve intersects the ________ at its minimum.
A. average variable cost curve B. average total cost curve C. average fixed cost curve D. A and B are both correct.