For measuring a nation's standard of living, of the following, the best available common measure is:
A) nominal GDP.
B) market GDP.
C) real GDP per capita.
D) nominal GDP per capita.
Answer: C) real GDP per capita.
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The above figure shows three different supply-and-demand graphs. Which graph best represents the market for workers at your nearest fast-food restaurant?
A) Graph A B) Graph B C) Graph C D) None of the above.
If a firm is not forced to take account of a negative externality it creates, it will produce the quantity at which
a. the marginal cost of production equals the marginal private benefit b. the marginal cost of production equals the marginal social benefit c. the marginal social cost of production the equals marginal private benefit d. the marginal social cost of production equals the marginal social benefit e. price equals marginal social benefit
Fluctuations in economic performance is one of the two basic issues of macroeconomics. The other is
A) tracking unemployment. B) monitoring inflation rates. C) long-run economic growth. D) keeping interest rates in check.
Refer to Figure 29-1. Currency speculators believe that the value of the euro will decrease relative to the dollar. Assuming all else remains constant, how would this be represented?
A) Supply would increase, demand would increase and the economy moves from D to A to B. B) Supply would decrease, demand would increase and the economy moves from A to D to C. C) Supply would increase, demand would decrease and the economy moves from C to B to A. D) Supply would decrease, demand would decrease and the economy moves from B to C to D.