Over the past century in the United States, average income as measured by real GDP per person has grown about
a. 3.5 percent per year, which implies a doubling about every 20 years.
b. 2 percent per year, which implies a doubling about every 35 years.
c. 4 percent per year, which implies a doubling about every 17.5 years.
d. None of the above is correct.
Answer: b. 2 percent per year, which implies a doubling about every 35 years.
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A. b B. Y C. A D. PAE
The market structures known for underproduction of goods are ______ and ______.
a. collusive oligopoly and perfect competition b. game theory and monopoly c. collusive oligopoly and monopoly d. cartels and perfect competition
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A. is tangent to short-run total cost when short-run total cost is at its minimum point. B. is always equal to or greater than short-run total cost. C. represents the lowest possible cost of producing a given level of output. D. both a and b E. all of the above
The study of the aggregate economic variables is
A. normative economics. B. microeconomics. C. macroeconomics. D. positive economics.