How is per capita GDP calculated, and what does it tell us about the economy?
What will be an ideal response?
Per capita GDP is the dollar value of GDP divided by total population. It indicates how much output each person would get if the output were divided evenly among the population. It can be used to measure average living standards.
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"The number of species on earth is decreasing drastically and economic development is the main factor for the problem." Do you agree or disagree? Why?
What will be an ideal response?
U.S. national debt at the end of the fiscal year 2018 was
A. over $21 trillion. B. over $31 trillion. C. $45 trillion. D. $50 trillion.
Externalities can be positive or negative. An example of a positive externality is the third-party benefits from solar energy production such as reduced emissions, cleaner air, and the "warm glow" some people experience from engaging in sustainable activities. An example of a negative externality is the emissions produced from driving gasoline powered motor vehicles such. These emissions have been shown to adversely effect the environment, agriculture, and human productivity, morbidity, and mortality. Which of the following policies would NOT incentivize consumers or producers to internalize external costs of the activities they engage in?
a. Driving subsidies to automobile drivers. b. Production subsidies to manufacturers of solar energy equipment such as photovoltaic cells and batteries. c. Driving taxes to automobile drivers. d. Consumption subsidies to buyers of solar energy equipment such as photovoltaic cells and batteries. e. None of the above.
A person cutting up her credit cards in an effort to curb her spending is an example of:
A. a commitment device. B. status quo bias. C. loss aversion. D. the endowment effect.