Since 1960
A) in every decade, Japan has experienced faster growth than the United States.
B) growth rates in South American countries have exceeded those in North America.
C) real GDP per person in Hong Kong and Singapore have grown and are approaching or surpassing that in the United States.
D) due to rapid growth, real GDP per person in China is now about 50 percent of that in the United States.
C
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Suppose that the absolute price elasticity for cookies equals 0.9. We could then say that the demand for cookies is
A) elastic. B) inelastic. C) unit-elastic. D) perfectly elastic.
Typically, countries with high growth rates of per-capita GDP have
a. lower infant mortality rates b. higher life expectancies c. higher adult literacy d. all of the above e. higher unemployment rates.