Suppose that Country A and Country B each had the same per capita real Gross Domestic Product (GDP) of $10,000 in 2015. Country A's per capital real Gross Domestic Product (GDP) had a growth rate of 3 percent per year and Country B's per capital real Gross Domestic Product (GDP) had a growth rate of 4 percent per year. By 2020, the per-capita real Gross Domestic Product (GDP) for the two countries, respectively, were
A. $11,593 and $12,167.
B. $10,300 and $10,400.
C. $14,000 and $16,000.
D. $11,941 and $12,653.
Answer: A
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If the price of a good increased,
a. It would also increase the quantity exchanged if it was caused by an increase in demand. b. It would also decrease the quantity exchanged if it was caused by an increase in supply. c. We would not know how quantity would change if we didn't know whether it was due a change in demand or a change in supply. d. All of the above would be true.
The invention of machinery that can double the amount of gold extracted from raw ore will likely: a. raise the world price of gold to pay for the new machinery
b. lower the world price of gold because any given amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.