Suppose India wants to measure how much the standard of living has changed over the last decade. Which piece of data should India use?
A) population
B) real GDP per person
C) real GDP
D) wages
E) inflation
B
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The largest source of federal government revenue is
a. corporate income taxes b. individual income taxes c. payroll taxes d. sales and excise taxes e. tariffs on imported goods and other customs fees and duties
If you invest $1,000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____.
A) 185 years B) 72 years C) 34 years D) 20 years E) 3.4 years
If economic data reveals that inflation is rising, the Fed:
A. does not need to know the state of real GDP growth in order to justify increasing the growth rate of the money supply. B. may increase the growth rate of the money supply without really knowing the state of real GDP growth. C. may reduce the growth rate of the money supply without really knowing the state of real GDP growth. D. will also at that time know the state of real GDP growth and can respond accordingly.
For this question, assume that expectations of P and A are correct. Based on price setting behavior, the real wage will be equal to which of the following?
A) A/(1 + m) B) AP/(1 + m) C) APF(u,z) D) P(1 + m) E) none of the above