Liberty University ECON 214 exam 2 solutions answers right

Liberty University ECON 214 exam 2 solutions answers right

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Question 1 Beginning in the late 1970s, economic reform in China allowed farmers, for the first time, to keep a portion of their crops and to sell them to others. Previously, all food was collectively farmed and shared. How did this basic reform improve China’s economic growth?

Question 2 When considering the magnitude of the Great Depression in comparison to other recessions, the Great Depression:

Question 3 Keynesian economists believe that the economy is unstable and tends toward cyclical unemployment because:

Question 4 Which of the following would have caused aggregate demand to decrease during the Great Depression?

Question 5 The wealth effect is best described as resulting from:

Question 6 Which of the following would cause an upward movement along the aggregate demand curve?

Question 7 A(n) _____________ in the amount of resources will tend to _____________ economic growth.

Question 8 In 2007, per capita real gross domestic product (GDP) in Brazil was $9,893.92. By 2008, it had increased to $10,525.58. At what rate did Brazil’s economy grow in that time?

Question 9 In 2011, per capita real gross domestic product (GDP) in Mexico was roughly $10,100. If Mexico experienced economic growth of 4.8% in 2012, per capita real GDP would increase to:

Question 10 When decision makers have time to fully adjust to changes in the overall price level, we refer to this as:

Question 11 The Great Depression lasted longer and was deeper than the average recession, in part, because:

Question 12 The Great Recession lasted from _________ to _________.

Question 13 An increase in expected future prices causes:

Question 14 When a change in the price level leads to a change in saving, this is known as the:

Question 15 When saving declines, the quantity of investment will __________, and therefore aggregate demand will __________.

Question 16 Consider the wealth effect, interest rate effect, and international trade effect. Of these, the __________ effect is the most significant and the __________ effect is the least significant.

Question 17 Keynesian economists believe that prolonged recessions are possible because:

Question 18 Refer to the following figure to answer the questions that follow Based on the figure, a decrease in _________ could cause the economy to move from point A to point B.

Question 19 Suppose a prolonged war in a country destroys 30% of the capital stock. In the long run, the price level will _________ as _________.

Question 20 Average income in Western Europe in 1600 was roughly $1,400 per year, while in Latin America, it was less than half that. Which of the following best explains this difference in average income?

Question 21 Suppose the government permanently reduces spending in an effort to reduce the budget deficit. In the new long­run equilibrium, output will __________ and the price level will __________.

Question 22 Average world income began to increase rapidly during:

Question 23 The island of Hispaniola, located in the Caribbean, is divided roughly in half by the two countries that occupy it. The western half is the country of Haiti, and the eastern half is the country of the Dominican Republic. In 2011, per capita real gross domestic product (GDP) in Haiti was roughly $740. In the Dominican Republic, it was almost $9,300. What most likely explains this difference?

Question 24 You read in the paper that there has been a significant increase in the consumer confidence index. Having taken an economics class, you predict that spending in the economy will __________ and aggregate demand will __________.

Question 25 Why do institutions such as private property rights promote economic growth?

Question 26 Refer to the following figure to answer the questions that follow. Based on the figure, which of the following would cause the aggregate demand curve to shift from AD2 to AD1?

Question 27 Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her bakery?

Question 28 Business­cycle theory focuses on time horizons of less than:

Question 29 During the Great Recession, the U.S. aggregate demand curve shifted to the left, in part, because:

Question 30 If your income increases at a rate of 2% per year, how long will it take to double your income?

Question 31 From 2006 to 2010, per capita real gross domestic product (GDP) in Poland grew an average of 4.71% per year. At that rate, according to the Rule of 70, in roughly how many years will the Polish economy double in size?

Question 32 In regard to the macroeconomy, it is believed by classical economists that:

Question 33 Perfect summer weather increases farm output by 30%. In the short run, this can be expected to __________ the price level and __________ real wealth.

Question 34 When the U.S. aggregate demand curve shifted to the left during the Great Depression:

Question 35 In 2000, annual real per capita gross domestic product (GDP) in Western Europe was around ___________, whereas in India, it was around ___________.

Question 36 Use the following graph to answer the questions that follow. The graph depicts an economy where aggregate demand and long­run aggregate supply (LRAS) have decreased, with no change in short­run aggregate supply (SRAS). The graph accurately summarizes what happened during the Great Recession, because during that time, the price level _________ and real gross domestic product (GDP) _________.

Question 37 An institutional breakdown in U.S. financial markets would tend to cause:

Question 38 When computing economic growth, changes in nominal gross domestic product (GDP) must be adjusted to reflect changes in the price level because:

Question 39 In 1950, residents in Liberia were wealthier than those in Taiwan. Today, per capita gross domestic product (GDP) in Taiwan is more than 20 times that of Liberia. Which of the following best explains why Taiwan is now so much wealthier than Liberia?

Question 40 In 2010, per capita real gross domestic product (GDP) in Germany was $40,197.67. By 2011, it had increased to $43,741.55. At what rate did Germany’s economy grow in that time?

Question 1

As a result of several factors, aggregate demand decreased during the Great Depression. One factor would be:

Question 2

Suppose the majority of students who are graduating in May from a large university have found jobs and signed employment contracts by February. Starting in February, these students are likely to __________ spending and __________ saving.

Question 3

The Great Recession began in __________ and lasted for __________.

Question 4

An economy has experienced a rightward shift of its longrun aggregate supply curve and is now producing on that new longrun aggregate supply curve. It is reasonable to expect that:

Question 5

Aggregate demand is determined by adding up the spending of:

Question 6

Access to lifesaving medicine is very limited in parts of Africa; as a result, over 10% of children do not reach the age of five. What effect would an increase in medical aid to African children have on overall economic growth for the continent?

Question 7

The Great Depression lasted longer and was deeper than the average recession, in part, because:

Question 8

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

9 According to the textbook, which of the following countries is not considered a “wealthy nation”?

Question 10

During the Great Recession, aggregate demand ________ and longrun aggregate supply ________.

Question 11

Refer to the following figure to answer the questions that follow.

Based on the figure, if the economy is currently at point B, then in the long run, we can expect we will move to:

Question 12

Input prices are _________ in the short run and _________ in the long run.

Question 13

During the Great Depression, aggregate demand in the U.S. economy decreased. As a result, the price level _________ and real gross domestic product (GDP) _________.

Question 14

The Great Recession lasted longer and was deeper than the average recession, in part, because:

Question 15

A supply shock causes a shift in:

Question 16

Real per capita gross domestic product (GDP) is defined as:

Question 17

During the Great Depression, there was a financial crisis and a stock market crash, both of which:

Question 18

When an economy experiences economic growth:

Question 19

Use the following graph to answer the questions that follow. The graph depicts an economy where aggregate demand has decreased. Note that longrun aggregate supply remains changed.

The graph shows a decrease in the price level due to a decrease in aggregate demand. Real gross domestic product (GDP), however, does not change. If this were an accurate description of how an economy responds during a recession, which of the following would be an appropriate government response to a decrease in aggregate demand?

Question 20

An increase in the price level that reduces the real value of wealth is likely to __________ consumption and __________ saving.

Question 21

If prompted to describe fundamental beliefs about the economy, a Keynesian economist would state that:

Question 22

A decrease in U.S. housing prices would tend to cause:

Question 23

The island of Hispaniola, located in the Caribbean, is divided roughly in half by the two countries that occupy it. The western half is the country of Haiti, and the eastern half is the country of the Dominican Republic. In 2011, per capita real gross domestic product (GDP) in Haiti was roughly $740. In the Dominican Republic, it was almost $9,300. What most likely explains this difference?

Question 24

Perfect summer weather increases farm output by 30%. In the short run, this can be expected to __________ the price level and __________ real wealth.

Question 25

During the Great Depression, the U.S. aggregate demand curve shifted to the left, in part, because:

Question 26

During the Great Depression, aggregate demand in the U.S. economy decreased. As a result, the unemployment rate _________ and real gross domestic product (GDP) _________.

Question 27

One of the most basic reasons why Taiwan is so much wealthier than Liberia is that Taiwan has:

Question 28

When financial markets went into a crisis during the Great Recession, it caused longrun aggregate supply to decrease because:

Question 29

In 1998, per capita real gross domestic product (GDP) in Thailand was $4,444.19. By 1999, it had increased to $4,695.22. At what rate did Thailand’s economy grow in that time?

Question 30 The value of one’s accumulated assets is best defined as:

Question 31

_________ would decrease shortrun aggregate supply.

Question 32

Beginning in the late 1970s, economic reform in China allowed farmers, for the first time, to keep a portion of their crops and to sell them to others. Previously, all food was collectively farmed and shared. How did this basic reform improve China’s economic growth?

Question 33

When stock prices declined during the Great Depression, it caused aggregate demand to decrease because:

Question 34

An increase in aggregate demand is beneficial in the short run because __________, but harmful in the long run because __________.

Question 35

Aggregate demand is about _________ and aggregate supply is about _________.

Question 36

An example of physical capital is:

Question 37

In 2000, annual real per capita gross domestic product (GDP) in the United States was around ___________, whereas in China, it was around ___________.

Question 38

From 2006 to 2010, per capita real gross domestic product (GDP) in Ethiopia grew an average of 7.99% per year. At that rate, according to the Rule of 70, in roughly how many years will the Ethiopian economy double in size?

Question 39

Between 2006 and 2010, per capita real gross domestic product (GDP) in China grew at an average rate of 10.62% per year. In contrast, its economy only grew by an average rate of 0.25% from 1961 to 1965. Which of the following factors would have contributed most to this rapid escalation in growth?

Question 40

Between 2006 and 2010, per capita real gross domestic product (GDP) in India grew at an average rate of 7.11% per year. Which of the following factors would have contributed most to this rapid escalation in growth?

Question 1 From 2009 to 2010 per capita real gross domestic product (GDP) in the United States grew by 1.8%. At that rate, according to the Rule of 70, in roughly how many years will per capita real GDP double?

Question 2 How many recessions have there been in the United States since 1982?

Question 3 When U.S. aggregate demand and long­run aggregate supply decreased during the Great Recession:

Question 4 Refer to the following figure to answer the questions that follow. Based on the figure, starting at point A, if there is an increase in government spending, then in the short run we would move to point __________ and in the long run to point __________.

Question 5 The long­run aggregate supply curve is:

Question 6 From 2006 to 2010, per capita real gross domestic product (GDP) in Poland grew an average of 4.71% per year. At that rate, according to the Rule of 70, in roughly how many years will the Polish economy double in size?

Question 7 An increase in the general price level will lead to:

Question 8 Keynesian economists believe that government intervention in the economy is necessary because:

Question 9 Which of the following would cause an upward movement along the aggregate demand curve?

Question 10 One of the reasons why the Great Depression was so severe is that:

Question 11 Use the following graph to answer the questions that follow. The graph depicts an economy where aggregate demand and long­run aggregate supply (LRAS) have decreased, with no change in short­run aggregate supply (SRAS). The graph accurately summarizes what happened during the Great Recession, because during that time, the price level _________ and real gross domestic product (GDP) _________.

Question 12 The economy is in short­run equilibrium when:

Question 13 James has worked for the same company his entire life. His current income is $100,000 per year. When he was originally hired, he made $50,000 per year. The company has given James a consistent raise of 2% every year. How long has James been with the company?

Question 14 Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at her hair salon?

Question 15 The Great Depression is characterized by a decrease in aggregate demand. Of the following factors, which would have caused aggregate demand to decrease?

Question 16 According to classical economists, changes in aggregate demand have little effect on the overall economy, and therefore:

Question 17 A(n) _____________ in capital goods should ____________ worker productivity.

Question 18 During the Great Depression, the U.S. aggregate demand curve shifted to the left, in part, because:

Question 19 Suppose an economy has a law that requires all wages to be adjusted quarterly to reflect changes in the general price level. This means wages either increase or decrease depending on the percent change in the general price level. In this economy:

Question 20 If asked about the basic functioning of the economy, a Keynesian economist would state that:

Question 21 When inflation pushes up prices in the economy, input prices are _________ and revenues _________ in the short run.

Question 22 Refer to the following figure to answer the questions that follow. Based on the figure, which of the following would cause the short­run aggregate supply curve to shift from SRAS1 to SRAS2?

Question 23 From 2006 to 2010, per capita real gross domestic product (GDP) in Japan grew an average of 0.46% per year. At that rate, according to the Rule of 70, in roughly how many years will the Japanese economy double in size?

Question 24 Suppose there is a surge in stock market values. In the short run, we would expect the price level to __________ and the unemployment rate to __________.

Question 25 Suppose a hurricane destroys 20% of the capital stock in a country. In the long run, output will _________ and the price level will _________.

Question 26 In 2009, per capita real gross domestic product (GDP) in Croatia was $10,059.68. By 2010, it had increased to $10,257.71. At what rate did Croatia’s economy grow in that time?

Question 27 Steve owns a bike shop. He wants to increase the number of bikes he sells each week, and he wants to use a technological advance to do so. _______________ would represent a technological advance at his bike shop.

Question 28 Which of the following economic statements would a Keynesian economist tend to support?

Question 29 Which of the following best summarizes the main causes of the Great Recession?

Question 30 The price index used to illustrate the aggregate demand curve is the:

Question 31 An increase in ________________ would lead to an increase in long­run economic growth.

Question 32 Use the following graph to answer the questions that follow. This graph depicts an economy where aggregate demand has decreased, with no change in either short­run aggregate supply (SRAS) or long­run aggregate supply (LRAS). Which of the following would have caused aggregate demand to decrease in the graph, such as occurred during the Great Depression?

Question 33 Per capita real gross domestic product (GDP) is higher in the United States than in Mexico. Based on that, we could predict the United States to have a higher rate of ___________ and a lower rate of ___________.

Question 34 Residents of poor countries tend to have higher rates of infant mortality because:

Question 35 From 2006 to 2010, per capita real gross domestic product (GDP) in China grew an average of 10.62% per year. At that rate, according to the Rule of 70, in roughly how many years will Chinese per capita real GDP double in size, beginning in 2006?

Question 36 During the Great Recession, U.S. household wealth declined, leading to a decrease in aggregate demand. Which pair of factors contributed to this decline in wealth?

Question 37 Which of the following would have caused aggregate demand to decrease during the Great Depression?

Question 38 Residents of poor countries tend to have fewer automobiles per capita because:

Question 39 Which of the following factors is negatively correlated with economic growth?

Question 40 When an economy experiences economic growth:

Question 1 Suppose a change in health care laws increases the cost of hiring an employee. We can expect output in the short run to __________ and output in the long run to __________.

Question 2 In 1350, average world income was roughly:

Question 3 When firms invest less because people are saving less, it is called the:

Question 4 From 2006 to 2010, per capita real gross domestic product (GDP) in Egypt grew an average of 4.8% per year. At that rate, according to the Rule of 70, in roughly how many years will the Egyptian economy double in size?

Question 5 From 2006 to 2010, per capita real gross domestic product (GDP) in China grew an average of 10.62% per year. At that rate, according to the Rule of 70, in roughly how many years will Chinese per capita real GDP double in size, beginning in 2006?

Question 6 Competitive markets contribute significantly to economic growth because:

Question 7 If the current short­run equilibrium level of output is greater than full employment output, we can then expect that in the long run:

Question 8 During the Great Recession, long­run aggregate supply decreased. This was caused by __________.

Question 9 When an economy experiences economic growth:

Question 10 Suppose housing values fall during a recession. In the short run:

Question 11 When considering the basic operations of the macroeconomy, Keynesian economists argue that:

Question 12 Suppose a country’s population is growing due to immigration. In the long run, output will _________ due to _________.

Question 13 During the Great Recession, ___________ caused aggregate demand to decrease.

Question 14 The Great Recession was similar to other recessions since World War II in that:

Question 15 Refer to the following figure to answer the questions that follow. Based on the figure, if the economy is at point F, then in the long run, we can expect:

Question 16 When 9,000 banks failed during the Great Depression, it caused aggregate demand to decrease because:

Question 17 A supply shock causes a shift in:

Question 18 In 1800, the average income of U.S. citizens was roughly:

Question 19 A decrease in aggregate demand is harmful in the short run because __________, but beneficial in the long run because __________.

Question 20 As a result of several factors, aggregate demand decreased during the Great Depression. One factor would be:

Question 21 When U.S. housing prices declined prior to and during the Great Recession, it caused aggregate demand to decrease because:

Question 22 If the price level rises by 10%, then all else being equal, the long­run quantity of aggregate supply will:

Question 23 Access to lifesaving medicine is very limited in parts of Africa; as a result, over 10% of children do not reach the age of five. What effect would an increase in medical aid to African children have on overall economic growth for the continent?

Question 24 Suppose a prolonged war in a country destroys 30% of the capital stock. In the long run, the price level will _________ as _________.

Question 25 In 2009, per capita real gross domestic product (GDP) in Croatia was $10,059.68. By 2010, it had increased to $10,257.71. At what rate did Croatia’s economy grow in that time?

Question 26 During the Great Recession, there was a financial crisis, a stock market crash, and a collapse in housing prices, all of which:

Question 27 Which of the following is an example of an institution that promotes economic growth?

Question 28 Suppose a hurricane destroys 20% of the capital stock in a country. In the long run, output will _________ and the price level will _________.

Question 29 The Great Recession was similar to other recessions since World War II in that:

Question 30 Suppose people are worried about losing their jobs. In the short run, this will:

Question 31 During the Great Depression, thousands of U.S. banks failed. As a result:

Question 32 Refer to the following figure to answer the questions that follow. Based on the figure, if the economy starts at point A and ends up at point E, then in the short run, there was:

Question 33 Residents of wealthy countries tend to have longer life expectancies because:

Question 34 Which of the following best summarizes the main causes of the Great Recession?

Question 35 Use the following graph to answer the questions that follow. The graph depicts an economy where aggregate demand and long­run aggregate supply (LRAS) have decreased, with no change in short­run aggregate supply (SRAS). During the Great Recession, real gross domestic product (GDP) decreased yet the aggregate price level remained largely unchanged, as depicted in the graph. Unemployment increased to above­normal levels. Which of following best explains why this happened?

Question 36 When computing economic growth, changes in nominal gross domestic product (GDP) must be adjusted to reflect changes in the price level because:

Question 37 Classical economists believe that savings is crucial for economic growth because:

Question 38 Higher rates of economic growth are negatively correlated with:

Question 39 Menu costs help to explain:

Question 40 Suppose advances in computer technology lead to a surge in worker productivity. In the long run, output will _________ and the price level will _________. 

the percent change in the overall level of prices in the economy is called?

the sale of american grown corn to china is included in the _______ category of GDP?

to determine the living standards of the average person, we calculate:

nominal GDP increased from $15.44 trillion to $15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true?

a. Output grew faster than the price level.

b. Output grew slower than the price level.

c. Real GDP grew faster than nominal GDP.

d. Output grew at the same rate as the price level.

e. Real GDP grew at the same rate as nominal GDP

net exports can be defined as?

assuming the price level increased, if real GDP is less than nominal GDP for a given year then...?

the difference between nominal GDP and real GDP is...?

Joe has a full-time construction job and also does odd jobs for people on the weekends. You have purchased the materials needed to construct a fence at your house and you pay Joe $500 to build the fence. Does the payment to Joe count toward the value of GDP?

Real GDP can be calculated as:

Nominal GDP increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. The rate of inflation was: (Round to the nearest first decimal.)

The long run average growth rate of real GDP in the U.S. economy is about:

The contraction phase of a business cycle is best described as:

When an unemployed worker receives a payment from the government as a result of being unemployed, it is:

Economic growth is best measured by changes in:

GDP is most often measured by:

The percent change in the overall level of prices in the economy is called:

GDP is not a good measure of:

The short-run fluctuations in economic activity that can cause output to be above or below the long-run trend are called:

Which of the following statements about unem- ployment is true?

a. Unemployment rates across races are very similar.

b. Unemployment rates across ages are very similar.

c. Unemployment rates vary widely between the sexes.

d. Unemployment rates vary widely across age and race.

e. The official unemployment rate includes dis- couraged workers.

The Great Depression lasted most of which decade? 

Individuals who are working part-time but would prefer to be working full-time are defined as: 

Which of the following statements about unem- ployment is true?a. Unemployment rates across races are very similar.b. Unemployment rates across ages are very similar.c. Unemployment rates vary widely between the sexes. d. Unemployment rates vary widely across age and race.e. The official unemployment rate includes dis- couraged workers.

If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is: 

what is the labor force participation rate?

To calculate the labor force participation rate, you only need to know: 

The 2007 2009 recession lasted for: 

Some jobs in the economy are no longer needed after an advancement in technology. A person who loses his job this way would be considered: 

Workers who lose their jobs because the skill set they possess is no longer required in the economy are considered to be: 

The root cause of cyclical unemployment is: 

Labor force participation rates among teenagers are: 

Which of the following statements about the composition of the labor force is correct? 

If the relevant population is 268 million people and the number of people in the labor force is 148 million, the number of people NOT in the labor force is equal to: 

Cyclical unemployment is: 

Which of the following two types of unemployment occur even when the economy is healthy and growing? 

The sum of the number of unemployed and the number of employed is: 

Holding all else constant, if people who are currently discouraged workers decide to start looking for jobs again, you will see:

An economic downturn can lead to mainly which type of unemployment? 

Katherine was laid off from her job 11 months ago. After searching for a job for months, Katherine gives up her job search because she feels there are no jobs available for her. Economists would classify Katherine as: 

Inflation can create uncertainty by making:

You are offered two jobs, one in Lexington paying $67,000 and one in Somerset paying $58,000. The price index in Lexington is 110.8, and in Somerset it is 91.5. If real wages are the only consideration, then:

If a Hershey s chocolate bar cost $0.05 in 1921 when the price index was 18 and the same size and weight Hershey s chocolate bar cost $0.05 in 1955 when the price index was 27, then: 

If people bought the same market basket of goods as the average consumer again and again: 

The housing crisis has some roots in inflation because:

According to the consumer price index (CPI), in a particular year, the price of gasoline rises in the United States by 22%; simultaneously, the price of all food items falls by 8%. Which state- ment is correct? 

Arguably, the increases in housing prices in 2005–2006:

Which of the following reflects a practical example of the price confusion problem?

Medical care typically composes of the typical consumer price index (CPI).

Which statement best represents the purpose for measuring annual inflation (or deflation)? 

How do you convert a price of a good from an earlier time into today's price? 

If the goods producers buy change dramatically between years, then: 

It has been shown that increases in the money supply are directly related to the rate of inflation. If the previous statement is true, then:

You own a store and have not raised prices recently— and now your store has more customers. Which statement is correct?

If cheeseburgers become more expensive and con- sumers switch their purchases away from cheese- burgers but the consumer price index (CPI) still assumes they buy the same amount, then: 

Let s say a company invents a very popular device called a Zorgon, which allows you to send small items via a transporter from one place to another. This would affect the consumer price index (CPI) in the sense that the CPI: 

Change in per capita real gross domestic product (GDP) is the best measure of economic growth because:

In 1950, Nicaragua and Brazil had roughly the same-sized economies. Now, Brazil’s economy is almost five times as large as Nicaragua’s. This is likely because:

The two factors that must be added to the percent change in per capita real gross domestic product (GDP) to yield the percent change in nominal GDP are:

If you attempted to determine if the standard of living of a country has increased by looking only at changes in its nominal gross domestic product (GDP), what would you be missing?

Average world income began to rapidly rise during the Industrial Revolution because:

The percent change in real per capita gross domes- tic product (GDP) equals:

Steve owns a bike shop. He wants to increase the number of bikes he sells each month, so he knows he needs to acquire more resources. Which of the following actions would represent an increase in the human capital resource at his bike shop?

In 2000, annual real per capita gross domestic product (GDP) in Western Europe was around ____________, whereas in India, it was around ___________.

From 2009 to 2010, nominal gross domestic prod- uct (GDP) in the United States grew by 3.8%. Given that prices increased by 1% and the popula- tion grew by 1%, we know that per capita real GDP grew by:

Krista owns a hair salon. She wants to increase the number of clients she serves each month, so she knows she needs to acquire more resources. Which of the following actions would represent an increase in the physical capital resource at her hair salon?

Which of the following are the three major categories of resources?

From 2009 to 2010 per capita real gross domestic product (GDP) in the United States grew by 1.8%. At that rate, according to the Rule of 70, in roughly how many years will per capita real GDP double?

what is the rule of 70? 

Which of the following would be classified as human capital?

If you earn a subsistence-level income, much of your time is spent acquiring:

Residents of poor countries tend to have higher rates of infant mortality because:

In 2010, U.S. gross domestic product (GDP) was roughly $14.6 trillion. Given that the U.S. population was roughly 308 million people, per capita GDP in the United States in 2010 was roughly:

Which of the following statements best describes the average standard of living for much of human history, prior to the Industrial Revolution?

The inputs used to produce goods and services are also known as:

An increase in the amount of household wealth in an economy would the average standard of living and would the spending power experienced by the typical person.

The percent change in nominal gross domestic product (GDP) minus the percent change in prices and the rate of population growth equals: