Which of the following is a measure of economic growth that is most useful for comparing living standards?
A. Growth in nominal GDP
B. Decreases in the rate of unemployment
C. Increases in real GDP per capita
D. Increases in real GDP
C. Increases in real GDP per capita
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If someone buries money in a tin can beneath a tree, the money is functioning as a
A) medium of exchange. B) unit of account. C) means of payment. D) store of value. E) bartering tool.
Early efforts by states to regulate the railroads:
a. resulted in "Granger laws." b. resulted in laws that were initially supported by the railroads. c. outlawed product discrimination. d. allowed for higher charges on short haul freight.
For the monopolistically competitive firm,
a. competition is blocked by barriers to entry b. limit pricing can forestall competition indefinitely c. marginal revenue is less than the product's price d. price discrimination is a key tool e. marginal revenue is equal to the product's price
If the probability of an outcome is zero, you know the outcome is:
A. certain to occur. B. more likely to occur. C. less likely to occur. D. certain not to occur.