If Country A's real GDP is growing at 6 percent per year and Country B's real GDP is growing at 6 percent per year, then the standard of living is
A) growing more rapidly in Country A.
B) higher in Country B.
C) changing at the same rate in Country A and Country B.
D) growing more slowly in Country A.
E) changing at the same rate in Country A and Country B only if the rate of population growth is the same in both countries.
E
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The marginal cost curve is U-shaped because of the law of increasing opportunity costs
Indicate whether the statement is true or false
During the past decade, India has invested about 22% of its GDP while China's investment rate has been double that of India's. India's annual growth rate has been about 6% while that of China has been about 9%. What conclusions can you draw?
What will be an ideal response?
On the graph above, movement from point ________ to point ________ might occur if there is a negative demand shock, followed by updating of expected inflation
A) F; G B) H; I C) H; F D) F; H E) none of the above
A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where the market price equals the firm's:
A. marginal cost. B. average total cost. C. average variable cost. D. average fixed cost.