Resources
What will be an ideal response?
- Things used to produce goods that consumers buy
- Also called 'inputs' or 'factors of production'
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If real GDP in the United States is growing at an annual rate of 3.2% per capita and Bolivia's real GDP per capita
is growing at a rate of 1.3%, which of the following would we expect in the long run? Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia. A) Real GDP per capita in the United States will always be 1.9% higher than real GDP per capita in Bolivia. B) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will increase over time. C) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will always be $1.9 trillion. D) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will shrink over time.
Suppose the U.S. can produce 10 units of food and 5 units of clothing (or any linear combination) and Canada can produce 6 units of food and 3 units of clothing (or any linear combination)
What type of trade will occur between these two countries? Explain.
Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the inflation rate between 2014 and 2015 is ________%, and the inflation rate between 2015 and 2016 is ________%.
A. 7.4; 13.9 B. 3.9; 17.1 C. 6.1; 16.1 D. 10.2; 10.4
Refer to the information provided in Figure 34.1 below to answer the question(s) that follow.
Figure 34.1Refer to Figure 34.1. The ________ in this economy is 0.6.
A. MPS B. MPC C. MPM D. open economy multiplier