If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate, what would be the value of real GDP per person 100 years later?
A. $2,210
B. $4,000
C. $20,000
D. $5,410
Answer: D
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Suppose prices are quoted in dollars and transactions are conducted in pesos. The peso serves as a
A) medium of exchange. B) store of value. C) unit of account. D) all of the above.
In which of the following market structures is a firm most likely to advertise extensively and fear entry of new firms?
a. perfect competition b. pure monopoly c. monopolistic competition d. oligopoly e. both perfect competition and monopolistic competition
Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will rise. B. equilibrium quantity will fall, but the change in equilibrium price is uncertain. C. equilibrium price and quantity will fall. D. equilibrium price will rise, but the change in equilibrium quantity is uncertain.
Which of the following asserts that import-competing firms that are struggling to stay in business should be provided protection in order to maintain jobs and continue domestic production?
A. The infant industry argument B. The optimal tariff argument C. The dying industry argument D. The developing government argument