In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000 . In 2011 it had a population of 5,100 and real GDP of 520,200 . 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.
c
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A decrease in the demand for loanable funds and a leftward shift of the demand for loanable funds curve results from
A) an increase in the real interest rate. B) technological improvements. C) tax cuts. D) decreases in the expected profit.
If a pension fund has insufficient contributions and earnings to pay benefits, it is said it be
A) underfunded. B) at par. C) fully funded. D) under par.
Which of these government financing methods is generally the least inflationary?
A) Printing currency B) Borrowing from the banking system C) Borrowing from the central bank D) Borrowing from the non-bank public
Implicit costs are:
A. Equal to total fixed costs B. Comprised entirely of variable costs C. "payments" for self-employed resources D. Always greater in the short run than in the long run