To measure the change in the standard of living, it is best to use the growth rate
A) from the Rule of 70.
B) of the price level.
C) of real GDP per person.
D) of real GDP.
E) of the population.
C
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Strong evidence of convergence exists for ________
A) wealthy nations that belong to the Organization for Economic Cooperation and Development B) both rich and poor nations C) sub-Saharan African economies and the economies of North America D) European and Caribbean economies
Economic efficiency is achieved when the price of a unit of a commodity is equal to the marginal cost of producing that unit
a. True b. False Indicate whether the statement is true or false
A scalper reselling Super Bowl tickets is an example of money being used as:
a. a store of value. b. a unit of account. c. an illegal asset. d. a standard of deferred payment. e. a medium of exchange.
In a closed economy private saving is $500 billion and the government budget deficit is $100 billion. What is investment?