Nation;s real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?
A. Nation A's real GDP growth in 2014 is higher than Nation B's
B. Nation B's real GDP growth in 2014 is higher than Nation A's
C. Nation A's real GDP growth in 2014 is identical to Nation B's
D. Nation A's and Nation B's real GDP growth rates in 2014 are both higher than 10%
A. Nation A's real GDP growth in 2014 is higher than Nation B's
You might also like to view...
Sarah's Soothing Diapers, Inc and Orville's Odorless Diapers, Inc are duopolists, who have agreed to collude. Orville has decided that he will comply with the collusive agreement as long as Sarah cooperated in the previous period
But if Sarah cheated in the previous period, Orville will punish Sarah by cheating in the current period. Orville's strategy is referred to as a A) Nash strategy. B) tit-for-tat strategy. C) trigger strategy. D) monkey-see, monkey-do strategy.
The problem of "double marginalization" is
a. The retail price being too low due to an absence of both manufacturer and retailer markup b. The retail price being too high due to the existence of both manufacturer and retailer markup c. The retail price consisting only of the manufacturer markup d. The retail price consisting only of the retailer markup
Suppose that X and Y are complementary goods. If the price of good X decreases, we can expect the:
a. demand for good X to increase. b. quantity demanded of good Y to decrease. c. quantity demanded of good Y to increase. d. demand for good Y to decrease. e. demand for good Y to increase.
An example of a renewable resource would be:
A. trees. B. oxygen. C. fish in the ocean. D. All of these are examples of renewable resources.