Answer: A. low degree of substitutability.
Explanation:
Substitutability refers to the availability of alternative options to the variable in question. If something is said to be highly substitutable or to have a high degree of substitutability, then that means that it is easily replaceable because it has alternatives. The reverse holds true.
Therefore, Jamie can be said to have a low degree of substitutability because the client wants to deal with only him and if he is removed or unavailable, the company would not be able to deal with the client.
Answer:
The private savings as a share of the GDP must have declined.
Explanation:
according to the twin deficit hypothesis:
budget deficit = savings + trade deficit - investments
the government deficit as a share of GDP declined and investment as a share of GDP remained constant that means that the savings should decline.
Answer:
Option (b) is correct.
Explanation:
In 2010,
Real GDP = 600,000
Population = 5,000
Real GDP per person:
= Real GDP ÷ Population
= 600,000 ÷ 5,000
= 120
In 2011,
Real GDP = 636,480
Population = 5,200
Real GDP per person:
= Real GDP ÷ Population
= 636,480 ÷ 5,200
= 122.4
Growth rate of real GDP per person during the year 2011:
= [(Real GDP per person in 2011 - Real GDP per person in 2010) ÷ Real GDP per person in 2010] × 100
= [(122.4 - 120) ÷ 120] × 100
= (2.4 ÷ 120) × 100
= 0.02 × 100
= 2%
It was seen from the data available on the world bank that the United states real GDP per person is growing at an average rate of 2% between 1910 and 2010.
Hence, the Growth rate of real GDP per person during the year 2011 is about the same as average U.S. growth over the last one-hundred years.
