Over the Period from 1955 to 2009,which Country Experienced the Highest

question 91

Multiple Choice

Over the period from 1955 to 2009,which country experienced the highest average annual growth rate of real GDP per person?

• A) United States.
• B) Japan.
• C) South Korea.
• D) China.
• E) Ghana.

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Definitions:

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a firm to adjust to changes in market demand or production costs.

Short-Run Aggregate-Supply Curve

A graphical representation that shows the relationship between the total production of goods and services and the price level for those goods and services in the short-term.

Price Level

An index that measures the average of current prices across the entire spectrum of goods and services produced in the economy compared to a reference point.

Output

The total quantity of goods and services produced by an economic system.