Consider two countries, Alpha and Beta. In Alpha, real GDP per capita is $6,000. In Beta, real GDP per capita is $9,000
Based on the economic growth model, what would you predict about the growth rates in real GDP per capita across these two countries?
A) The growth rate of real GDP per capita in Alpha and Beta will be the same.
B) The economic growth model makes no predictions regarding differences in growth rates of real GDP per capita across the two countries.
C) The growth rate of real GDP per capita will be lower in Alpha than it is in Beta.
D) The growth rate of real GDP per capita will be higher in Alpha than it is in Beta.
D
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How does a natural monopoly function?
a) A few firms are in perfect competition b) Imperfect competition makes it difficult for firms to do business c) a single firm supplies all the output d) The government supplies all buyers with the product
The more inelastic the demand for a product, the more the actual burden of a tax on the product will:
A. fall on sellers. B. fall on buyers. C. fall equally on both buyers and sellers. D. create a larger deadweight loss (or excess burden).
"No individual should have less than $20,000 income in the United States in 2017" is an example of
A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism.
The demand for land is upward sloping.
Answer the following statement true (T) or false (F)