How is real GDP per capita calculated?
a. Divide real GDP by the total population.
b. Multiply real GDP by 100.
c. Divide real GDP by 100.
d. Multiply the real GDP by the total population.
a. Divide real GDP by the total population.
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A perfectly competitive firm's output is currently such that its marginal revenue is $5 and marginal cost is $4. Assuming profit maximization, the firm should
A. cut price and increase output. B. raise price and decrease output. C. leave price unchanged and decrease output. D. leave price unchanged and increase output.
Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
a. Molly has an absolute advantage in washing the car; Renee has an absolute advantage in mowing the lawn. b. Molly has an absolute advantage in mowing the lawn; Renee has an absolute advantage in washing the car. c. Molly has an absolute advantage in both tasks. d. Renee has an absolute advantage in both tasks. e. Neither woman has an absolute advantage in washing the car.
A mechanism for fixing exchange rates is the
A. Flexible exchange standard. B. Gold standard. C. WTO agreement. D. International Monetary Fund.
The economy of China is in transitioon. What does this mean?
a) investments are determines by state conrtol instead of by private decision b) The conomy is moving from central planning toward a market-based system c) Individual firms are in the process of being sold to the state