When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Incomes are growing at a slower rate than the population.
B) Real GDP per capita is rising.
C) Living standards are falling.
D) Real GDP is falling.
B
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The labor force participation rate is the ratio of
A) (the labor force divided by the working-age population) multiplied by 100. B) (the number of unemployed divided by the working-age population) multiplied by 100. C) (the labor force divided by the total population) multiplied by 100. D) (the number of unemployed divided by the labor force) multiplied by 100.
The liquidity preference function shows that as ________
A) real income decreases, so does the demand for real money balances B) the nominal interest rate increases, so does the demand for real money balances C) real income decreases, so does the real interest rate D) all of the above E) none of the above
If the elasticity of supply of a resource is greater than zero but less than infinity, its income will comprise of:
a. only economic rent. b. only transfer earnings. c. salaries and traveling allowances. d. both economic rent and transfer earnings. e. salaries, traveling allowances, as well as other incentives.
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.
A. 10 B. 27 C. 39 D. 50