If a country's real GDP grows at 10% per year, its real GDP will double about every
A) 5 years.
B) 7 years.
C) 10 years.
D) 14 years.
B
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Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500At a price of $15 per unit, which of the following would exist?
A. A surplus of 600 units. B. A shortage of 1,000 units. C. A surplus of 1,000 units. D. A shortage of 1,600 units.
Which of the following helps economists avoid double counting in computing of GDP?
a. Including goods and services produced only within a given area. b. Only include transfer payments made by the government and not individuals. c. Only include capital purchases by corporations and not by family-owned firms. d. Avoiding the use of intermediate goods in calculating GDP.
Assuming the inner curve is the United States' current production possibilities frontier, points J, N and K represent
A. an inefficient use of resources.
B. an output that is not possible to produce.
C. points of unemployed resources.
D. points of fully employed resources.
When increasing its output results in falling costs, a firm that can adjust all inputs is experiencing
A. loss. B. diseconomies of scale. C. capital gains. D. economies of scale.