Per capita GDP can be defined as
A. GDP per employed worker.
B. GDP per unit of capital.
C. GDP per person.
D. GDP per unit of unemployment.
Answer: C
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Choose the best statement
A) GDP equals aggregate expenditure and equals aggregate income. B) An increase in government purchases increases aggregate expenditure but does not change GDP. C) An increase in compensation of employees increases aggregate income but does not change GDP. D) GDP always equals aggregate expenditure and sometimes equals aggregate income.
Taxes and government spending that affect fiscal policy without specific action from policymakers are called:
A. automatic stabilizers. B. expansionary fiscal policy. C. contractionary fiscal policy. D. discretionary fiscal policy.
In a competitive market where firms are earning economic profits, which of the following should be expected as the industry moves to long-run equilibrium, ceteris paribus?
A. A higher price and fewer firms. B. A higher price and more firms. C. A lower price and more firms. D. A lower price and fewer firms.
Perfectly competitive industries are characterized by a homogeneous product.
Answer the following statement true (T) or false (F)