China's growth rate has ________ that of most other countries, ________
A) topped; but its real GDP per person is still lower than other industrialized countries
B) lagged behind; and its real GDP is close to other Asian economies
C) lagged behind; but its real GDP per person is higher than other Asian economies
D) topped: but its real GDP per person declined in 2008-09
E) equaled; and its real GDP per person declined in 2008-09
A
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The Santa Fe Spark Plug Company supplies spark plugs to automotive parts dealers. An increase in the demand for its product led Santa Fe to hire 150 new workers
Santa Fe also plans to expand the capacity of its plant but this project will take 2 years to complete. Which of the following statements is true? A) The long run for Santa Fe is longer than 1 year. B) The wages and benefits paid to the new workers are implicit costs. C) In the short run Santa Fe's variable costs increase but its fixed costs decrease. D) The short run for Santa Fe is 1 year.
Which of the following is NOT studied in microeconomics?
A) the effect of an increase in gasoline taxes on the purchase of gasoline B) the impact of an increase in the unemployment rate on economic production C) the impact of firms' collective hiring choices on the aggregate unemployment rate D) the impact of higher fuel prices on the cost of airline tickets