Per capita real GDP is a measure of
A) productive activity. B) economic welfare.
C) cost of living standards. D) cultural harmony.
A
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Exhibit 30-5
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Farm prices fell sharply in 1919–21 . Then, until 1929, the farm "terms of trade" (the movement of farm prices relative to the movement of non-farm prices)
(a) collapsed by more than half. (b) remained essentially unchanged. (c) actually rose. (d) collapsed, but only slightly.
A profit-seeking firm will choose the combination of inputs that maximizes profit, based on the:
A. ratio of each factor of production. B. substitutability of each factor of production. C. local price of each factor of production. D. total productivity of each factor of production.
In the open economy macroeconomic model, the price that balances supply and demand in the market for foreign-currency exchange model is the
a. nominal exchange rate. b. nominal interest rate. c. real exchange rate. d. real interest rate.