Economic growth is best measured by increases in
A. per capita real Gross Domestic Product (GDP).
B. nominal Gross Domestic Product (GDP).
C. per capita nominal Gross Domestic Product (GDP).
D. nominal personal income.
Answer: A
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The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. Automobile owners would pay a larger part of this tax than what is shown in the figure if the
A) demand were more elastic. B) demand were more inelastic. C) supply were more inelastic. D) None of the above because the buyers always pay the entire amount of the tax.
An increase in real income with constant prices and domestic credit leads to the same effects under both fixed and purely flexible exchange rates
Indicate whether the statement is true or false
Which of the following have to be in equilibrium for the economy to be in equilibrium?
A) the money market only B) the goods market only C) the output and asset markets D) the savings and investment markets E) the goods and output markets
For a monopolist, at the profit-maximizing level of output:
A. price is greater than marginal revenue. B. marginal revenue is greater than average revenue. C. average revenue is greater than price. D. price is equal to marginal revenue.