Which of the following did not result in economic growth?
a. Installing a network of irrigation ditches and pumping stations in order to grow fruits and vegetables in parts of southern California
b. Cyrus McCormack inventing a threshing machine for harvesting grains
c. After World War II, the U.S. instituting the GI bill, which provided education subsidies to soldiers being released from service duty
d. Many citizens emigrating from a nation when a politically repressive regime takes office
d
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Consider the following linear demand function where QD = quantity demanded, P = selling price, and Y = disposable income: QD = ?36 ?2.1P + .24Y The coefficient of P (i.e., ?2.1) indicates that (all other things being held constant):
a. for a one percent increase in price, quantity demanded would decline by 2.1 percent b. for a one unit increase in price, quantity demanded would decline by 2.1 units c. for a one percent increase in price, quantity demanded would decline by 2.1 units d. for a one unit increase in price, quantity demanded would decline by 2.1 percent e. none of the above
The CPI is the price index used to calculate real GDP
a. True b. False