Singapore had a GDP per capita of $395 in 1960, and $52,918 in 2013. The U.S had a GDP per capita of $2,881 in 1960 and $52,839 in 2013. Such a growth is referred to as:
A) instant growth. B) disguised growth. C) catch-up growth. D) sustained growth.
C
Economics
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In the economic way of thinking, the identification of wealth with material objects
A) is at the foundation of modern capitalism. B) is good economics but antithetical to religious precepts. C) is usually rejected by socialists. D) must be rejected because it makes no sense.
Economics
Explain the difference between nominal GDP and real GDP. Which is more important when using GDP as a measure of production? Why?
What will be an ideal response?
Economics