Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A) 1 percent.
B) -1 percent.
C) 0 percent.
D) 4 percent.
C
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Assume the costs of production in the U.S. auto industry are rising and, at the same time, the prices of Japanese-made autos are decreasing. What would reasonably be expected to happen to the equilibrium price and quantity of U.S.-made autos?
A) Price will increase; quantity cannot be determined. B) Price will decrease; quantity cannot be determined. C) Quantity will increase; price cannot be determined. D) Quantity will decrease; price cannot be determined.
When there are ∞ degrees of freedom, the t∞ distribution
A) can no longer be calculated. B) equals the standard normal distribution. C) has a bell shape similar to that of the normal distribution, but with "fatter" tails. D) equals the distribution.