From 2010 to 2011, Nation A's Real GDP Increased from $100

question 86

Multiple Choice

From 2010 to 2011, nation A's real GDP increased from $100 billion to $106 billion and its population grew from 50 million to 51 million. Its annual growth rate in real GDP per capita was approximately _____%.

• A) 1
• B) -3
• C) 4
• D) 6

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Definitions:

Quantity Of Output

The total amount of goods or services produced by a firm or economy within a specific period.

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium is not achieved due to market failures or interventions.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of output varies with the level of production.

Marginal Revenue Curve

A visual representation that shows the additional revenue generated by selling one more unit of a good or service.