GDP per capita:
A. tells us about how the output is allocated in an economy.
B. tells us about what you can buy with a given amount of money in that country.
C. is an average income per person in an economy.
D. All of these statements are true.
Answer: C
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Figure 5-15
Hal initially consumes the combination marked as A in Figure 5-15. After his income increases, Hal consumes combination B. We can conclude that Hal views
A. X as an inferior good and Y as a noninferior good. B. X as a noninferior good and Y as an inferior good. C. both X and Y as noninferior goods. D. both X and Y as inferior goods.
If a marginal cost pricing rule is imposed on the natural monopoly in the figure above, then the price will be
A) $2. B) $4. C) $5. D) $6.
Currently major telecommunications companies are more insulated from competition than they were in the times leading up to passage of the Telecommunications Act of 1996
Indicate whether the statement is true or false
Suppose that Firm A deviates from a trigger strategy to support a high price. What is A's payoff from cheating?
a. 0 b. 50 c. -10 d. 25