Standards of living are measured by
A. unemployment rates.
B. inflation rates.
C. real GDP per capita.
D. nominal GDP per capita.
Answer: C
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If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more labor
a. True b. False Indicate whether the statement is true or false
The S&P 500 index includes the stocks of 500 largest companies in the U.S
a. True b. False Indicate whether the statement is true or false
A maximum wage law, as opposed to a minimum wage law, would be considered a
A. price ceiling. B. price floor. C. tax on businesses. D. sales tax.