GDP per capita:
A. paints a clearer picture of how thin the output is spread across a population.
B. tells us how much is produced per person in an economy.
C. is calculated by dividing GDP by the population size of the economy.
D. All of these statements are true.
D. All of these statements are true.
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A politician states "taxes should be raised to provide more spending on school lunch programs." This is ____________
Fill in the blank(s) with the appropriate word(s).
The rationing function of prices refers to the:
A. fact that ration coupons are needed to alleviate wartime shortages of goods. B. tendency of supply and demand to shift in opposite directions. C. ability of the market system to generate an equitable distribution of income. D. capacity of a competitive market to equate the quantity demanded and the quantity supplied.
The difference between moral hazard and adverse selection is that moral hazard is about:
A. actions that arise after the parties enter an agreement B. unobserved characteristics of people occurring before parties enter into an agreement. C. never happens when adverse selection is a problem. D. None of these statements is true.
Which of the following countries is not an OPEC member?
A. Saudi Arabia B. Iran C. Venezuela D. Norway