Refer to the above table. If an economy's current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period?
A) $21,330 B) $34,500 C) $55,200 D) $13,140
B
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If cross-price elasticity of demand between two goods is positive, the two goods are:
A. substitutes. B. complements. C. normal. D. inferior.
If consumers' confidence in the economy rises
A) aggregate demand will shift rightward and the price level will rise. B) aggregate demand will shift leftward and the price level will fall. C) aggregate demand will shift rightward and the price level will fall. D) aggregate demand will shift leftward and the price level will rise.
Candy makers accurately anticipate the increase in demand for candy for Halloween so that the supply of candy and demand for candy increase the same amount. As a result, the price of candy ________ and the quantity of candy ________
A) rises; does not change B) falls; increases C) does not change; increases D) does not change; does not change E) rises; increases
One of the most serious weaknesses in the Medicare system is that
a. patients are not able to choose their own physicians. b. the definition of an episode of illness is too restrictive. c. it provides poor insurance coverage for unusually long hospital stays. d. patients must pay a deductible every time they enter the hospital. e. Part B is voluntary.