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GaryK [48]
3 years ago
6

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, rea

l GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?
Business
1 answer:
alekssr [168]3 years ago
6 0

Answer:

The answer is: 2%

Explanation:

First of all since we were not given any inflation rate, we can assume it is 0.

  • The real GDP per capita for Oceania during last year was: $255,000 per person ($561 billion / 2.2 million people).
  • The real GDP per capita for Oceania during the year before was: $250,000 per person ($500 billion / 2 million people).

The real GDP per capita growth rate was 2%

= {[($255,000 / $250,000) - 1] x 100} = 2%

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The opportunity cost of buying two more pairs of shoe is 1 suit.

<h3>What is opportunity cost?</h3>

Opportunity cost is an economic term for expressing cost, in terms of foregone alternative.

Given the information above,

Her opportunity cost of consuming one extra pair of shoes instead of one suit

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Her opportunity cost of consuming one suit instead of a pair of shoes

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Free entry means that:________
g100num [7]

The correct option is (c) no legal barriers prevent a firm from entering an industry.

No legal barriers:

Non-legal writing non-legal careers anything unrelated to the law or the legal profession.

Because, the industry is free and flexible for enter and exit and no other government interventions will be applicable in that free entry no barriers is there and movability will be 100% for any industry.

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levacccp [35]

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