Which of the following annual real GDP growth rates would be needed just to maintain output per capita in the United States?
a. 10.0 percent
b. 2.5 percent
c. 1.0 percent
d. 7.0 percent
e. 3.5 percent
C
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Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy. What is meant by a more equitable distribution of wealth?
A) a more allocatively efficient distribution of wealth B) a more productively efficient distribution of wealth C) wealth distributed based on income levels D) a more fair distribution of wealth
Secure rights to land provided colonists with incentive to use the land productively, conserve it and invest in it
Indicate whether the statement is true or false
Marginal analysis involves looking at the extra costs involved in a decision.
Answer the following statement true (T) or false (F)
In which of the following is the relationship of price (P) to marginal cost (MC) such that the gains to society as a whole from producing additional marginal units will be greater than the costs?
a. P = MC b. P > MC c. P > MC d. P / MC