In the year 2020, Alpha has a real GDP of $80 billion and Omega has a real GDP of $10 billion. If Alpha has a growth rate of 2% and Omega has a growth rate of 4%, in what year will Omega catch up to Alpha?

If a country has lower overall productivity levels than its trading partners, then it will

A) be unable to export. B) have a trade deficit. C) not be able to obtain gains from trade. D) have a lower standard of living than its trading partners.

If a person is taxed $100 on an income of $1,000 . taxed $180 on an income of $2,000 . and taxed $220 on an income of $3,000 . this person is paying a:

a. progressive tax. b. poll tax. c. proportional tax. d. regressive tax. e. retro tax.