Since 1929, real GDP in the United States has grown at an average annual rate of about:

Calculate the income elasticity if an 8 percent increase in income leads to a 4 percent increase in quantity demanded for organic produce

A) -0.66 B) 0.5 C) 1.5 D) 2

From 2009 to 2012, the federal government's budget deficit was about

a. 5 percent of GDP, and this led to the highest debt-GDP ratio in U.S history. b. 10 percent of GDP, and this led to the highest debt-GDP ratio in U.S history. c. 5 percent of GDP, and this led to the highest debt-GDP ratio since World War II. d. 9 percent of GDP, and this led to the highest debt-GDP ratio since World War II.