If Real GDP Per Capita in the United States Is

question 99

Multiple Choice

If real GDP per capita in the United States is $8,000 in 2011,and if real GDP per capita is $12,000 in 2021,what is the total percent change in the growth rate of GDP per capita between 2011 and 2021?

• A) 3.33%
• B) 5%
• C) 33%
• D) 50%

---

Definitions:

Comparative Advantage

The ability of a country or firm to produce a particular good or service more efficiently than other goods or services, relative to other countries or firms.

Opportunity Cost

The sacrifice of potential advantages from different alternatives when opting for a particular one.

Production Cost

The total cost incurred by a firm in producing a specific quantity of a good or service, including both fixed and variable costs.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its trade partners, leading to potential gains from trade.