Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need.
b. government levies heavy taxes on households and firms.
c. human beings become satiated as consumption increases.
d. human wants are nearly unlimited relative to the availability of resources.
e. productive resources, technology, and labor are unlimited.
d
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Using the data in the table above, the growth rate of real GDP for 2010 is equal to
A) 4.76 percent. B) 10.0 percent. C) 9.09 percent. D) 5.00 percent. E) 7.00 percent.
Find the real exchange rate for the following case: Assume that the representative basket of European goods and services costs 40 euros and the representative U.S
basket costs $50, and the dollar/euro exchange rate is $0.90 per euro, then the price of the European basket in terms of U.S. basket is ________.