The real income per capita is a measure of the
A) well-being of every individual in the nation.
B) well-being of the average individual in the nation.
C) well-being of the average employed person in the nation.
D) total well-being of the nation.
B
You might also like to view...
A firm's opportunity costs ________
A) equal the costs of resources it buys from others in the market B) include the cost of using resources owned by the firm C) increase when economies of scope exist D) do not include any opportunity costs for resources the owner suppliers
Net foreign investment is equal to
A) foreign direct investment. B) the balance of trade. C) capital inflows minus capital outflows. D) net foreign portfolio investment plus net foreign direct investment.
If each player in a game uses a strategy that results in a Nash equilibrium outcome, the players are most likely to say
A) "I don't like my choice, because I think I could have done better." B) "Given the strategies chosen by the other players in the game, I probably could have done better if I had more time." C) "Given the strategies chosen by the other players in the game, I made the best possible choice." D) "There was no real strategy on my part, I basically made an educated guess."
The law of diminishing returns, as it applies to labor, means that
A. the average product of labor increases at a decreasing rate. B. the total output eventually decreases. C. the marginal product of labor will eventually be a horizontal line at zero. D. the marginal product of labor eventually declines. E. the average product of labor starts to decline before the marginal product of labor.