If Country A's real GDP per person is growing at 6 percent and Country B's real GDP per person is growing at 3 percent, then
A) the standard of living is higher in Country A.
B) the standard of living is higher in Country B.
C) the standard of living is growing more rapidly in Country A.
D) We cannot say whose standard of living is growing more rapidly without knowing the population growth rate.
E) We cannot say whose standard of living is growing more rapidly without knowing the growth rate of real GDP.
C
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What happens during a bank run?
a. The government orders a bank to close. b. States charter more banks than needed. c. The price of gold suddenly increases. d. More customers withdraw money than the bank has on hand.
Scarcity is a situation in which
A) people cannot satisfy all their wants. B) most people can get only bare necessities. C) people can satisfy all their wants. D) some people can get all they want and some cannot.