Refer to Table 22-6. Consider the statistics in the table above in describing the developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for developing countries are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the highest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the lowest growth rates.
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Which of the following would be directly counted in GDP in 2016?
A) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a farm house built in 1950 B) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a brand new country-style home C) kitchen cabinets purchased from Home Depot in 2016 to be installed in a house built in 1997 D) none of the above
Perfect competition and monopolistic competition are similar in that firms in both types of market structure will
A) act as price takers. B) produce a level of output where price equals marginal cost. C) earn zero profit in the long run. D) act as price setters.