If the economy's real GDP doubles in 18 years, we can:
A. not say anything about the average annual rate of growth.
B. conclude that its average annual rate of growth is about 5.5 percent.
C. conclude that its average annual rate of growth is about 2.4 percent.
D. conclude that its average annual rate of growth is about 3.9 percent.
D. conclude that its average annual rate of growth is about 3.9 percent.
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At a short-run macroeconomic equilibrium, real GDP is always equal to potential GDP
Indicate whether the statement is true or false
Which of the following is a potential operating instrument for the central bank?
A) the monetary base B) the M1 money supply C) nominal GDP D) the discount rate
In arriving at the quantity of output and price of its product, a company
A. chooses either output or price, and consumer demand determines the other. B. has no control over either quantity or price. C. makes two decisions by setting both optimal output and optimal price. D. generally leaves both quantity and price decisions to consumers.
If marginal costs increase, a monopolist will:
a. decrease price and increase output. b. decrease both price and output. c. increase price and decrease output. d. increase both price and output. e. keep both price and output at the same level.