The per capita GDP of a country is calculated by:
a. dividing the total population of the country by its GDP
b. dividing the GDP of the country by its total population.
c. multiplying the GDP of the country by its total population.
d. adding the GDP of the country to its total population.
b
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If your wages are indexed so that they automatically adjust for inflation, in a period of continued high inflation, the cost of the goods and services you buy ____ and your nominal income ____
a. decreases, decreases b. increases, increases c. decreases, remains the same d. increases, remains the same
The optimal quantity of pollution control occurs where: a. pollution equals zero
b. the total benefit of pollution control equals the total cost. c. the marginal social benefit of pollution control just equals the marginal social cost. d. the marginal external cost of pollution equals zero.
If decision makers adjust fully to demand stimulus policies, persistent expansionary macro-policy will lead to
a. inflation with no lasting reductions in unemployment. b. a permanent reduction in unemployment. c. lower interest rates. d. more rapid economic growth.
If the Consumer Price Index was 166.6 in one year and 172.2 in the next year, then the rate of inflation from one year to the next was:
a. 5.4% b. 4.1% c. 3.4% d. 6.0%