Demand tends to be ________ in the short run than in the long run.
A. less elastic
B. more variable
C. less important
D. more elastic
Answer: A
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Real GDP per person in Northland is $30,000, while real GDP in Southland is $10,000, However, Northland's real GDP per person is growing at 1 percent per year, and Southland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:
A. Northland's real GDP per person will always be between 1 and 2 percent greater than Southland's. B. Northland's real GDP per person will decline until it equals Southland's. C. Southland's real GDP per person will eventually be greater than Northland's. D. Southland's real GDP per person will always be exactly 2 percent less than Northland's.
Which the following is NOT an exogenous factor affecting economic growth that countries caught in a "poverty trap" might utilize to encourage economic growth?
A) human capital B) political capital C) infrastructure D) geographical location
The prices of goods at a grocery store are listed in dollars. Which function of money does this illustrate?