Real GDP per person in Australia was $5626 in 1870. Over the next 130 years, it grew at a compound annual rate of 1.145%. If, however, real GDP per person had grown at an average compound rate of 1.5%, then real GDP per person in Australia in 2000 would have been approximately:

Which of the following is(are) the effect(s) of an international trade agreement that provides an incentive and reward for nations NOT to impose tariffs?

I. an increase in world welfare and standard of living II. an opportunity for low-income nations to exploit the gains from trade. III. an opportunity for large countries to improve their terms of trade a. I b. I and II c. I and III d. I, II, and III

Demand for pork (a normal good) will shift to the left if consumer income in China decreases.

a. true b. false