If real GDP per person were equal to $1,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $11,000
B. $13,780
C. $1,100
D. $2,705
Answer: D
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In the economic way of thinking, we assume that central bankers act
A) selfishly. B) to promote projects which interest them. C) in the national interest. D) in the global interest.
The chain-weighted output index
A) uses only the current year's prices to calculate growth in real GDP. B) uses prices for the current year and the previous year to calculate growth in real GDP. C) must be calculated only every other year. D) is an inaccurate way to measure growth in real GDP and so has been replaced by the "nominal-to-real" index.
When Keynesian equilibrium is present,
a. aggregate demand for goods and services will equal the current rate of output. b. business inventories will be increasing. c. full employment must be present. d. the actual rate of unemployment must equal the natural rate of unemployment.
Which of the following is true?
A) An outstanding credit card balance is an asset that adds to your personal wealth. B) Interest rates charged by credit card companies are generally high because the loans are unsecured. C) The power of compound interest benefits those with outstanding credit card balances. D) An unused balance on your credit card is like money in the bank.