What is the annual rate of growth of per capita real Gross Domestic Product (GDP) if real GDP grows at a constant rate of 4 percent per year and the annual rate of population growth is 2 percent?
A. 4 percent
B. 2 percent
C. -2 percent
D. 6 percent
Answer: B
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A) take too much risk. B) hold too much capital. C) open too many branches. D) buy too much stock.
The flaw of the original Keynesian model of the business cycle is that it
A) assumes away output fluctuations. B) assumes complete wage rigidity. C) assumes unrealistic fooling of workers. D) requires procyclical wage movements and continuous labor market equilibrium.
Cigarette taxes are viewed as _____
a. regressive b. progressive c. proportional d. non-distortionary
Economists use ____ economics to understand how the economy works. They use ____ economics to choose from among several economic policies
a. statistical; circular flow b. macro; micro c. micro; macro d. positive; normative e. normative; positive