If the growth rate for GDP was 5 percent and GDP in year 1 was 140, then GDP in year 2 would be

All of the following are keys to economic development EXCEPT

A) establishment of a system of property rights. B) minimizing "creative destruction." C) open economies. D) an educated workforce.

A low unemployment rate implies that

A) job offers are scarce and inflation is high. B) job offers are plentiful and wages are high. C) jobs are permanent and job offers are plentiful. D) jobs are difficult to find, and wages are low.