Suppose that a nation has a GDP of 1.0 trillion dollars in 2000. If a country grows at an average rate of 3.0 % per year over a fifteen year period, then its compounded GDP at the end of the 15 year period should be:
A. 1.47 Tr.
B. 1.33 Tr.
C. 2.00 Tr.
D. 1.56 Tr.
Answer: D
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Which of the following would cause an increase in the market supply of mountain bikes?
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Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $2 and the price of soybean feed is $5, what is the cost-minimizing feed combination producing P = 100?
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What is Italy's opportunity cost of producing 3 art books?
