An increase in would lead to an increase in long-run economic growth. O a) resources and technology O b) consumer spending and borrowing O c) imports and exports Od) prices and interest rates O e) government taxes and fees
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- Assume that real GDP per capita in Country X is currently $50,000 per person. Also, assume that real GDP per capita in Country X grows at a rate of 2% per year. Rounding to the nearest 2 decimals, the real GDP per person in Country X in 10 years will be approximately 3.7 points Save Answ O a. $66,124 O b. $60,000 O. $58,272 Od. $61,000A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?Using the table, what is the real GDP growth from 2001 to 2002? O 50% YEAR O 1.25% 2001 2002 O-11.11% QUANTITY APPLES 100 150 BANANAS APPLES 40 $0.50 60 $1.00 PRICES BANANAS $2.50 $1.00
- Which of the following movements on a Production Possibilities Graph would represent economic growth for a nation? O A. an inward shift of the entire production possibilities curve B. an outward shift of the entire production possibilities curve O C. a movement from a point inside the curve to a point on the curve O D. a movement from a point on the curve to a point inside the curve b mThe value of what Burger King produces in France is included in the United States and in the French O A) GDP; GNP O B) GDP; GDP O C) GNP; GNP O D) GNP; GDPor a country like Oman how can the Gross capital formation be increased? elect one: O a. None of these O b. All of these O c. Savings increases O d. GDP increases O e. Consumption increases
- Question 13 Which of the following can increase the future rate of growth of the U.S. economy and contribute to higher future living standards? O A. An increase in the proportion of the population that is retired and therefore receiving income from social security pensions rather than from work. O B. An Increase in the rate of savings and investment. OC.A ban on new immigration that will slow the rate of growth of the labor force. O D.A decrease in the rate of saving and investment.The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionThe primary reason that living standards in some countries are higher today than they were a century ago is that O a. Human capital has increased O b. physical capital per worker has increased O c. more productive natural resources have been discovered Od. technological knowledge has increased
- Identify the type of central economic problem that is related to problem of choice of what to produce in a country. O a. Full utilization of resources. O b. What goods and services ought to be produced and how much to produce? O c. How to attain economic growth? O d. How to distribute these goods and services?Which of the following is likely to increase long-run economic growth? O A. Inflation. O B. An increase in savings. OC. An increase in consumption spending. D. Many banks go bankrupt.If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period? Select one: O a. 9.7 percent O b. 2.4 percent O c. 3.5 percent O d. 2.6 percent