Which of the following is the best equation for calculating the growth rate in the standard of living?
Answer: Growth Rate of Real GDP per Capita = ((Year 2 Real GDP per Capita - Year 1 Real GDP per Capita)/Year 1 Real GDP per Capita) × 100%
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Peter's monthly income increases from $1,500 to $1,600. As a result, he increases the number of DVDs he buys per month from 2 to 3. Peter's demand for DVDs is
A) price elastic. B) price inelastic. C) income elastic. D) income inelastic.
Explain how market economies are generally better able to achieve technological progress than are centrally planned economies
What will be an ideal response?
Which of the following is true? Partial equilibrium analysis will
A) overstate the impact of a tax for both substitutes and complements. B) understate the impact of a tax for both substitutes and complements. C) understate the impact of a tax for complements and overstate the impact for substitutes. D) understate the impact of a tax for substitutes and overstate the impact for complements.
The Smoot-Hawley trade bill of 1930, designed to save jobs and increase revenue for the federal government, resulted in
a. an increase in both employment and federal tax revenue. b. a sharp reduction in trade and a decline in federal tax revenue. c. the protection of jobs while maintaining the level of trade, but it did not increase federal tax revenue. d. a decline in the volume of trade, but an increase in revenue from tariffs, which made it possible for the federal government to balance its budget.