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

question 243

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. As a result real GDP per capita _____, because it rose _____ than the population.

• A)increased; more slowly
• B)increased; faster
• C)decreased; more slowly
• D)decreased; faster

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Definitions:

Sales Tax

A tax on sales or on the receipts from sales, usually added to the consumer's purchase price and collected by the retailer.

Service Charge

A fee collected for services provided, often added to transactions in finance, hospitality, or banking.

Condensed Income Statements

Simplified financial statements that summarize the revenue, costs, and expenses incurred during a specified period, showing the net income or loss.

Merchandising Companies

Businesses that purchase goods in a finished state and sell them as is, making profits from the sales margin.