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Author Question: The table below shows data for China. Population (millions) Real GDP (yuan, billions) Nominal GDP ... (Read 98 times)

nautica902

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on: Jun 29, 2018
The table below shows data for China.
 
  Population (millions) Real GDP (yuan, billions) Nominal GDP (yuan, billions)
  2000 1267 4999 9921
  2003 1292 6498 13582
  2006 1315 8776 21087
 
  The standard of living between 2003 and 2006 increased by ________.
  A) 55.3 percent
  B) 1.8 percent
  C) 35 percent
  D) 32.7 percent

Question 2

Because each perfectly competitive firm sells a product identical to that of the other firms
 
  A) each firm tries to cut prices to increase its market share.
  B) each firm's output is a perfect substitute for the output of any other firm.
  C) each firm expects to earn some economic profit.
  D) the demand for each firm's product is perfectly inelastic.


heinisk01

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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