Per capita GDP tells us ________.
a. the average income (or output) of a country per person
b. the amount of GDP adjusted for inflation
c. the amount of GDP at the natural rate of unemployment
d. the amount of GDP for a specific state
Answer: a. the average income (or output) of a country per person
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The utility of a good measures its satisfaction rather than its usefulness
a. True b. False Indicate whether the statement is true or false
When economies of scale exist, an increase in the level of output will lead to: a. a decrease in cost per unit. b. an increase in cost per unit. c. a decrease in total cost
d. both a. and c. above
Personal consumption expenditures consist of:
A. foreign plus domestic investments. B. foreign investments in the United States. C. household and individual purchases of services and durable and nondurable goods. D. domestic investments.
Efficiency is the condition in which the economy is producing what people want at the least possible cost.
Answer the following statement true (T) or false (F)