In 2010,per Capita Real Gross Domestic Product (GDP) in Germany

question 107

Multiple Choice

In 2010,per capita real gross domestic product (GDP) in Germany was $40,197.67.By 2011,it had increased to $43,741.55.At what rate did Germany's economy grow in that time?

• A) 5.53%
• B) 6.7%
• C) 3.54%
• D) 8.1%
• E) 8.82%

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Definitions:

Revealed Preference

An economic concept referring to the idea that consumers' choices, reflected in their purchasing decisions, reveal their preferences for certain goods or services over others.

Weak Axiom

In economic theory, a principle stating that if a consumer prefers bundle A to bundle B, then they will not prefer B to A when prices change, keeping income constant.

Revealed Preference

A theory suggesting that consumers' preferences can be determined by observing their purchasing behavior and the choices they make among different goods.

Weak Axiom

In the context of consumer choice theory, it is a postulate stating that if a consumer prefers bundle A over bundle B when both are affordable, then she will not choose B when A becomes more affordable.