When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Real GDP is falling.
B) Incomes are growing at a slower rate than the population.
C) Real GDP per capita is rising.
D) Living standards are falling.
Answer: C
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If the MPC equals 0.75, then
A) for every $100 increase in consumption, real Gross Domestic Product (GDP) increases by $75. B) for every $100 increase in real Gross Domestic Product (GDP), saving increases by $25. C) consumption is always more than real Gross Domestic Product (GDP). D) for every $100 increase in real Gross Domestic Product (GDP), saving increases by $75.
An excludable good is a good that a producer can prevent people from consuming
Indicate whether the statement is true or false
Refer to Scenario 2. By examining the t-statistics associated with the regression coefficients, at the 5 percent significance level, which of the two independent variables are statistically different from zero?
What will be an ideal response?
One of the key criteria used to distinguish among different economic systems is:
a. how are allocation decisions made. b. when are allocation decisions made. c. where are allocation decisions made. d. what allocation decisions are made.