Country A has a higher GDP than country B. What does this mean?
A) It means that on a per-capita basis the residents of country A are relatively better off (in terms of the goods and services they have available to them) than the residents of country B.
B) It means that on a per-capita basis the residents of country A are richer than the residents of country B.
C) It means that more goods and services were produced in country A than country B.
D) It means that the total market value of the final goods and services produced in country A is greater than the total market value of the final goods and services produced in country B.
E) a and d
D
You might also like to view...
According to the modern Keynesian view,
a. both the IS and the LM curve slopes are in the intermediate or normal range, where both monetary and fiscal policies are effective in controlling income. b. only the IS curve slope is in the intermediate or normal range and, therefore, only fiscal policy is effective in controlling income. c. only the LM curve slope is in the intermediate or normal range and, therefore, only monetary policy is effective in controlling income. d. neither the IS nor the LM curve slopes are in the intermediate or normal range and, therefore, neither monetary nor fiscal policies are effective in controlling income.
If a professional sports athlete signs a new contract which defers compensation until years after she is retired, she is signaling
A) that she does not plan to shirk in the future, regardless of whether she did so in the past. B) that she did shirk and she will do so in the future. C) that she did shirk but won't do so in the future. D) that she didn't shirk and she won't do so in the future.
Suppose the price of crude oil drops from $150 a barrel to $120 a barrel. The quantity bought remains unchanged at 100 barrels. The coefficient of price elasticity of demand in this example would be
A) -0.5. B) infinity. C) -1.0. D) 0.
In the early 1930s, President Hoover told Americans that prosperity was just "around the corner." He was expressing the views of ______ economic theory.
A. Keynesian B. demand-side C. classical D. supply-side