Which of the following statements about GDP is true?
a. The value of GDP per capita of an economy does not reflect the equality of distribution of income among the population in the economy.
b. The value of GDP per capita of an economy reflects the equality of distribution of income among the population in the economy.
c. A high level of GDP in an economy states that the standard of living of the people in the economy is also high.
d. As GDP per capita rises, the gap between the incomes of the top 5 percent of the population and the bottom 5 percent necessarily decreases.
a
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If workers and firms have rational expectations, they understand that ________ monetary policy will raise the inflation rate, so actual inflation ________ expected inflation
A) contractionary; will be equal to B) contractionary; will be less than C) expansionary; will be greater than D) expansionary; will be equal to E) expansionary; will be less than
The amount to which some current amount of money will grow as interest compounds over time is known as:
A. the future value of that sum of money. B. the present value of that sum of money. C. compound interest. D. the time-value of money.
Which of the following is true of long-run equilibrium price in a monopolistically competitive market?
A) It is equal to average total cost. B) It is less than average total cost. C) It is higher than average total cost. D) It is lower than marginal cost.
Perfectly inelastic demand curves are vertical.
Answer the following statement true (T) or false (F)