By far, the best way to measure the standard of living of people in a country is the value of the country's GDP per capita
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________
A) might rise, fall, or stay the same; decreases B) might rise, fall, or stay the same; increases C) falls; increases D) rises; might increase, decrease, or stay the same
Answer the following statements true (T) or false (F)
1. Government intervention in the U.S. economy includes legislation such as antitrust laws, labor laws, and safety regulations. 2. Full employment is considered to have been achieved only when everybody in the economy has a job. 3. An economic growth rate of 3 percent would be considered unhealthy for the U.S. economy. 4. A stable unemployment rate requires that the U.S. economy grow each year in order to absorb new workers who enter the labor force.
The law of diminishing marginal returns
A. results in average variable cost (AVC), average total cost (ATC), and marginal cost (MC) curves eventually increasing at an increasing rate. B. causes average fixed costs to decline continuously as output increases. C. causes the difference between average total cost and average variable cost to shrink as output increases. D. results in MC but not ATC curves eventually increasing at an increasing rate.
Carbon dioxide emissions are thought to contribute to global warming, and there is a concern that changes in climate will be costly. Emitting carbon dioxide is an example of:
A. an effluent fee. B. a public good. C. an adverse selection problem. D. a negative externality.