Over the year in question, real GDP per person in Mainland grew by 2 percent, which is about the same as average U.S. growth over the last one-hundred years.
Real GDP per person is used to determine the standard of living of a population. The higher the real GDP person, the higher the standard of living.
Gross domestic product is the total sum of goods produced in an economy over a period of time.
Real GDP is GDP that has been adjusted for inflation.
The first step is to determine the real GDP per capita in both years
2009 : 210,000 / 7,300 = 30
2010 : 223,380 / 7,300 = 30.60
Growth rate of GDP = (30.6 / 30 - 1) = 2%
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Answer:
The correct answer is C. is neither minimizing costs nor maximizing profits
Explanation:
A company that operates under the conditions described above, moves within a market in purely competitive conditions that ensures linear behavior of demand and supply, which is why it must establish the condition of minimizing costs so that the market does not harm, this means that in the purely competitive market you should not minimize costs or maximize established profits.
<span>Gold is the main commodity on the JEB. Right now gold is trading around the $1250 level.</span>
Answer:
The correct answer is: $60.
Explanation:
Opportunity Cost is what a person sacrifices when they choose one option over another. It is also defined as the revenue of the chosen option over the revenue of the option that was forgone. It represents what was left on the table for deciding taking one option over another.
In Ben's case, the opportunity cost of going to the event represents what he could have earned working for three hours (<em>$10 x 3 = $30</em>). However, as he will have to pay for the event, he will lose $30 for the event ticket. Then, the total opportunity cost of going to the event is:
$30 + $30 = $60
