The best measure of average income for a country is
A. Real GDP.
B. The economic growth rate.
C. Per capita GDP.
D. The capital stock of the economy.
Answer: C
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Refer to Figure 22.3 below. Suppose that the supply curve is constant at $10. Suppose further that the before-tax demand curve D B can be written as B = 20 - P/2, where B is the number of structures per year and P is the price.
Many less developed countries have low rates of economic growth because
a. high population growth rates reduce living standards b. low population growth rates result in an inadequate labor supply c. high current output per capita reduces incentives for growth d. interest rates are too high e. they invest too much in infrastructure leaving little for private capital investment
Because of ongoing changes in farm technology over the last two centuries, the average farm size in the U.S
a. increased, and the number of farms decreased b. increased, and the number of farms increased c. stayed virtually the same, but the number of farms decreased d. decreased, and the number of farms increased e. decreased, and the number of farms decreased
While short-run growth increases capacity, long-run growth increases capacity utilization.
Answer the following statement true (T) or false (F)