In 1900, the country with the highest per capita GDP was
A) Australia.
B) New Zealand.
C) the United States.
D) Belgium.
E) the Netherlands.
B
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A market equilibrium is only efficient if:
A. the consumer surplus and the producer surplus associated with a given transaction are equal. B. output is distributed equitably among consumers. C. consumer surplus and producer surplus are both zero. D. all relevant costs and benefits are reflected in the market supply and demand curves.
Money today
A) is the demand for loanable funds. B) is the supply of loanable funds. C) is only currency inside banks. D) is fiat money. E) in the United States, is only dollar bills and coins.
A cutback in the space program due to a slow economy causes an increase in unemployment among aeronautical engineers. This is an example of
A) cyclical unemployment. B) frictional unemployment. C) seasonal unemployment. D) structural unemployment.
In the federal funds market,
A) banks make loans to the Fed. B) banks make loans to other banks. C) the Fed makes short-term loans to banks. D) the Fed makes long-term loans to banks.