The long-run average annual growth of real GDP per person is the United States is approximately ________ percent.

The depreciation of a currency may cause an initial worsening of the balance of payments before it improves. This is called the

A) J-curve effect. B) time value of money. C) Marshall Lerner condition. D) shock effect.

After much success during the 1970s, the OPEC cartel saw the price of oil and the revenues of its members decline during the 1980s due, in part, to

a. the low elasticity of demand for oil in the short run b. the large number of buyers from each member nation c. surging demand for oil in the early 1980s d. publicity concerning the prices negotiated with each member e. the greater long-run elasticity of demand for oil