Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year. After 50 years, how much larger is per capita real GDP in B than A? How much is this in real dollars?
A. B is a little less than 2 times smaller, or almost $20,000 smaller on a real per capita basis.
B. B is 8 times larger, or $175,000 larger on a real per capita basis.
C. B is 12 times larger, or $230,000 larger on a real per capita basis.
D. B is a little over 6 times larger, or almost $60,000 larger on a real per capita basis.
Answer: D
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In 1979, the price of gasoline was $1.389 per gallon and the CPI was 72.6. In 2003, the price of gasoline was $1.589 per gallon and the CPI was 182.9. Find the real price of gasoline in 1979 and 2003 in terms of base period dollars
What will be an ideal response?
Which of the following is a period of decreasing output that is severe and long lasting?
a. business cycle b. expansion c. peak d. recession e. depression
An increase in capital stock will shift the production function
A. downward. B. rightward. C. upward. D. outward.
The mutual interdependence that characterizes oligopoly arises because:
A. the products of various firms are homogeneous. B. the products of various firms are differentiated. C. each firm in an oligopoly depends on its own pricing strategy and that of its rivals. D. the demand curves of firms are kinked at the prevailing price.