According to the rule of 70, a country will double its real GDP per capita in 35 years if it grows at an average of ________ per year.
A. 3.5 %
B. 2.0%
C. 5.0%
D. 7.0%
Answer: B
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Refer to the scenario above. What will be the GDP per capita of country B at the beginning of year 2012?
A) $2,555.15 B) $28,82.85 C) $2,450.65 D) $2,646
Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each candy bar sells for $0.50. What is the market value of production in this economy?
A. $5.00 B. $6.00 C. $1.00 D. $0.75
Which of the following will cause an increase in the demand for the Venezuelan currency, the Venezuelan bolivar?
A) real interest rates in Venezuela fall B) U.S. residents change preferences in favor of goods produced in the United States C) real interest rates in the United States increase D) none of the above
Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. In the long run we should expect:
A. firms to enter the industry, market supply to rise, and product price to fall.
B. firms to leave the industry, market supply to rise, and product price to fall.
C. firms to leave the industry, market supply to fall, and product price to rise.
D. no change in the number of firms in this industry.