Which statement is most accurate about the real GDP per capita of different nations between 1980 and 2006?
a. The real GDP per capita of the US ranks in the middle of the other major industrialized nations.
b. The US had the highest real per capita GDP at the beginning of the period, but by the end of the period many other industrialized had caught up to the US.
c. The US had the highest real per capita GDP throughout the period and on average, the other major industrialized nations did not significantly close the gap.
d. At the beginning of the period, the US had a real GDP per capita equal to the average of the major industrialized nations, but by 2006 the US had moved into first place.
c. The US had the highest real per capita GDP throughout the period and on average, the other major industrialized nations did not significantly close the gap.
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Huey has eaten two hamburgers and is considering a third. The marginal benefit in his decision is the pleasure from consuming
A) the two previous hamburgers. B) all three hamburgers. C) just the third hamburger. D) just the second hamburger. E) the third hamburger minus the pleasure from consuming zero hamburgers.
If, when a firm doubles all its inputs, its average cost of production increases, then production displays
A) economies of scale. B) diminishing returns. C) diseconomies of scale. D) declining fixed costs.
Which of the following best describes a steady state?
A) Political stability is maintained by the state. B) The standard of living is increasing at a stable rate. C) Each firm in the economy receives a steady stream of income. D) Output per worker, consumption per worker, and capital per worker are constant.
A bank's net interest margin is
A) total interest income minus total interest expense. B) net interest income as a percent of bank equity. C) net interest income as a percent of total bank assets. D) net interest as a percent of total income.