In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000 . In 2011 it had a population of 5,100 and real GDP of 520,200 . During 2011 real GDP per person in Bovina grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years.
b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years.
c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years.
d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
c
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Two players who are both playing tit-for-tat can quickly find their way toward:
A. a cycle of cooperation and noncooperation, similar to a business cycle. B. noncooperative outcomes for the remaining rounds. C. lasting cooperation. D. None of these statements is true.
Who is most likely to be earning economic rent?
A. A landlord B. A postal employee C. Someone who lives in a rental apartment D. A major league baseball player