China's growth rate has ________ that of most other countries, ________
A) topped; but its real GDP per person is still lower than other industrialized countries
B) lagged behind; and its real GDP is close to other Asian economies
C) lagged behind; but its real GDP per person is higher than other Asian economies
D) topped: but its real GDP per person declined in 2008-09
E) equaled; and its real GDP per person declined in 2008-09
A
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Real GDP is $9 trillion in the current year and $8.6 trillion in the previous year. The economic growth rate between these years has been
A) 5.67 percent. B) 4.65 percent. C) 10.31 percent. D) 7.67 percent. E) $0.4 trillion.
Applying elementary economics, mismatch unemployment should fall when relative wages
A) rise. B) fall. C) are more flexible. D) are less flexible.
If a person is risk averse, then she has
a. diminishing marginal utility of wealth, implying that her utility function gets flatter as wealth increases. b. diminishing marginal utility of wealth, implying that her utility function gets steeper as wealth increases. c. increasing marginal utility of wealth, implying that her utility function gets flatter as wealth increases. d. increasing marginal utility of wealth, implying that her utility function gets steeper as wealth increases.
For luxuries, income elasticity is:
A. less than 0. B. greater than 0. C. equal to 1. D. greater than 1.