If GDP per capita was $500 in 2002 and the population was 25,000, the GDP would have been approximately
A. $5,000,000.
B. $125,000,000.
C. $7,500,000.
D. None of the choices are correct.
Answer: D
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The GDP deflator measures how prices change over time
Indicate whether the statement is true or false
James insured his car with a renowned insurance company that checked his driving skills and verified his accident records before insuring his car. After paying two premiums for this insurance, James took to drinking and driving. This action of James is likely to create:
a. an economic loss. b. a positive externality. c. an economic bad. d. a moral hazard. e. diseconomies of scale.
Paul Samuelson, a famous economist, said that
a. "the bond market has predicted zero out of the past nine recessions.". b. "the stock market has predicted zero out of the past nine recessions.". c. "the bond market has predicted nine out of the past five recessions.". d. "the stock market has predicted nine out of the past five recessions.".
Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
A. seasonally unemployed. B. frictionally unemployed. C. structurally unemployed. D. cyclically unemployed.