Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2008, real GDP per capita equals ________.
A. $100
B. $2,000
C. $20,000
D. $1,000
Answer: A
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A monopolistic competitor faces a horizontal demand curve
a. True b. False Indicate whether the statement is true or false
Refer to Figure 3.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be:
A. $3. B. $6. C. $9. D. $12.
The tax brackets in a particular year are 10% on earnings up to $35,000, 20% on earnings from $35,001 to $75,000, 30% on earnings from $75,001 to $150,000, and 33% on earnings over $150,000. Professor Schmidt earns $125,000. Which information do we need to use to calculate her marginal tax rate?
a. the lowest tax rate and the highest tax rate b. the tax rate for each category up to $150,000 c. the highest tax rate she will pay on her income d. her salary and the tax rate on wages over $150,000
An increase in the aggregate demand curve will, in the short run, change:
A. output but not price level. B. both output and the price level. C. the price level but not output. D. neither output nor the price level.