If real GDP for Mexico was 19.8 trillion pesos at the end of 1999 and 21.3 trillion pesos at the end of 2000 . then Mexico's economy grew at an annual rate of _____
a. -0.015%
b. 4.4 %
c. 4.2%
d. 7.57%
e. 3.8%
d
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A. B) 550, 100. C) 100, 550. D) The payoffs would not change.
If an excise tax is placed on a product that has a perfectly inelastic demand, then: a. the entire tax will be paid by the consumer
b. the entire tax will be paid by the producer. c. the consumer and producer will each pay a share of the tax. d. the incidence of the tax cannot be determined unless we know the coefficient of price elasticity of supply. e. the tax is progressive.
A good is excludable if
a. one person's use of the good diminishes another person's enjoyment of it. b. the government can regulate its availability. c. it is not a normal good. d. people can be prevented from using it.
Normative economics is
A. analysis of the behavior of the economy as a whole. B. analysis that is strictly limited to making either purely descriptive statements or scientific predictions. C. decision making undertaken by households and business firms. D. analysis involving value judgments about economic policies; or a statement of "what ought to be."