Which measurement is most useful for comparing the standard of living in different countries?
A. The growth rate of real GDP.
B. GDP per capita.
C. GDP per worker.
D. The growth rate of the labor force.
Answer: B
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During the Great Recession, the growth rate of Real GDP _________________ and the inflation rate ___________________
A) increased; declined B) declined; increased C) declined; also declined D) increased; also increased
Refer to the above figure. Profits for this firm are equal to zero
A) only for all points less than B. B) only at points B and C. C) for points between B and C. D) for all points less than B and greater than C.
In a thin market:
A. only high-quality goods are sold. B. some high-quality goods are sold, but fewer than would be sold in a market with perfect information. C. some low-quality goods are sold, but fewer than would be sold in a market with perfect information. D. no high-quality goods are sold.
Voluntary exchange ________ economic efficiency because neither the buyer nor the seller would agree to a trade unless ________
A) increases; they both benefit B) increases; only one party benefits C) decreases; neither benefit D) decreases; they both benefit