If per capita GDP were distributed across the United States, each individual would receive:
A. Their current income divided by the U.S. population.
B. The market value of final goods and services produced in the U.S. per year.
C. The value of total world output divided by the population.
D. The market value of final goods and services produced in the U.S. per year divided by the population.
Ans: D. The market value of final goods and services produced in the U.S. per year divided by the population.
You might also like to view...
If there is a leftward shift of the money demand curve, which of the following should the Fed do if it wants to keep the price level stable?
a. Lower its interest rate target b. Sell bonds in the open market c. Wait, since the price level does not usually change when the money demand curve shifts d. Raise its interest rate target e. Buy bonds in the open market
For any item (physical or financial) to be used as money, the item must be
a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable
Which of the following is not a key feature of monopolistic competition?
a. Excess capacity b. A markup of price over marginal cost c. Positive economic profits for firms in the long run d. Differentiated products among firms in the market
Which government entity computes U.S. GDP every three months?
a. the Council of Economic Advisers b. the Department of Commerce c. the Department of Treasury d. the Federal Reserve