The best measure of how much output the average person would get if all output were divided evenly among the population would be
A. The economic growth of the economy.
B. GDP.
C. Per capita GDP.
D. The capital stock of the economy.
Answer: C
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If we compare a perfectly competitive market to a single-price monopoly with the same costs, the monopoly sells
A) the same quantity at a higher price. B) a smaller quantity at a higher price. C) a larger quantity at a lower price. D) a larger quantity at a higher price. E) a smaller quantity at the same price.
A command economy is one in which a central government sets output targets, incomes, and prices.
Answer the following statement true (T) or false (F)
Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels C) state and local levels; federal level D) local level; federal level
Economists have shown that when the ultimatum game experiment is carried out, both allocators and recipients act as if fairness is important
Indicate whether the statement is true or false