Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?
What will be an ideal response?
The growth rate for real GDP would have been 1.18 / 1.11 = 1.06, so real GDP grew by 6 percent over the period.
Economics
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Teachers often earn less than truck drivers because
a. teachers could switch to trucking more easily than truckers could switch to teaching b. trucking is a riskier occupation c. truckers require greater education d. teachers have more job mobility e. trucking has a higher social status
Economics
If milk and cookies are complements and the price of cookies rises, we would expect to see:
A. a decrease in the quantity demanded for milk but no change in demand. B. an increase in the demand for milk. C. an increase in the quantity demanded for milk but no change in demand. D. a decrease in the demand for milk.
Economics