Other things remaining unchanged, a decline in imports is associated with an increase in gross domestic product
a. True
b. False
Indicate whether the statement is true or false
True
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If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita
GDP was A) 1.00 percent. B) 1.33 percent. C) 0.75 percent. D) -1.00 percent.
Other things being equal, a higher price induces
A) buyers to reduce the amount they want to buy and sellers to increase the amount they are willing to sell. B) buyers to increase the amount they want to buy and sellers to reduce the amount they are willing to sell. C) buyers to reduce the amount they want to buy and sellers to reduce the amount they are willing to sell. D) buyers to increase the amount they want to buy and sellers to increase the amount they are willing to sell.