GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies

In the long run, new firms can enter an industry and so the supply elasticity tends to be

A) more elastic than in the short run. B) less elastic than in the short run. C) perfectly elastic. D) perfectly inelastic.

Suppose that you borrow $10,000 for one year, and at the end of the year, you must repay $10,350. The interest rate is

A) 10.35 percent. B) 6.5 percent. C) 3.5 percent. D) 2.7 percent.