Summarize the historical growth record of the United States over the past 50 years in terms of real GDP growth and in terms of real GDP per capita growth. What three qualifications should be made about these growth rates?
Please provide the best answer for the statement.
The real GDP has increased about 3.1% per year between 1950 and 2012. Real GDP per capital rose more slowly because population has grown along with GDP. Still the GDP per capital growth has increased at roughly 2% per year between 1950 and 2012. Economic growth in the United States has provided for improved products and services, added leisure and other environmental and quality of life effects such as stronger environmental protection.
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The TB (i.e., X- M) is part of the short-run spending equation. With sticky prices, what would be the effect on the TB with an increase (depreciation) of the home nation's exchange rate?
a. Consumers in the home nation would find it more expensive to buy domestic goods compared to foreign goods, and the trade balance would decrease. b. Consumers in the home nation would cut back on both domestic and foreign goods and the trade balance would decrease. c. Consumers in the home nation would increase spending on both domestic and foreign goods, and the trade balance would be unchanged. d. Consumers in the home nation would increase spending on domestic goods and decrease spending on foreign goods, causing the trade balance to increase.
The figure above shows Sam's budget line. Which of the following combinations of gasoline and coffee are not available to Sam?
A) 40 gallons of gasoline and 0 pounds of coffee B) 32 gallons of gasoline and 4 pounds of coffee C) 8 gallons of gasoline and 8 pounds of coffee D) 16 gallons of gasoline and 16 pounds of coffee