Briefly explain how growth in real GDP differs across economies ...

[ereecah]

Briefly explain how growth in real GDP differs across economies including the United States, Japan, Africa, Central America, Hong Kong, Korea, and Singapore.
 
  What will be an ideal response?

Question 2

A cost that has already been made and cannot be recovered is called a
 
  A) variable cost.
  B) fixed cost.
  C) sunk cost.
  D) marginal cost.

[mfedorka]

Answer to Question 1

Over the past 100 years, growth in real GDP per person in the United States has averaged 2 percent per year. The growth rate has varied from one period to the next. Some rich nations, such as Japan, are catching up to the U.S. level of real GDP per person. Many poor nations, especially those in Africa and Central America are not catching up. But Hong Kong, Korea, Singapore, and Taiwan are generally growing more rapidly than the United States and so they are catching up.

Answer to Question 2

C

[ereecah]

Excellent

[phuda]

Thanks for the timely response, appreciate it