Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A. Real GDP.
B. GDP deflator.
C. Nominal GDP.
D. Per capita GDP.
Answer: D
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The worst drought in over 50 years has decimated crops of soy beans and corn in the United States. (Source: New York Times, August 10, 2012). Because the production of corn has decreased, prices are expected to increase by 25 percent
These data are insufficient for calculating the elasticity of demand because we also need to know the A) percentage increase in income. B) percentage increase in quantity. C) percentage decrease in quantity. D) increase in bushels per acre.
Provide a concise statement on the relationship between the debt crisis and:
(a) foreign direct investment, (b) trade liberalization, (c) absolute poverty, and (d) investment levels.
Social regulation means that the government dictates the price that a firm must charge and/or the quantity that a firm must supply
a. True b. False Indicate whether the statement is true or false
A major reason that a public debt cannot bankrupt the federal government is because:
A. the public debt is mostly held by foreigners. B. the federal government can draw on its gold reserves. C. the public debt can be easily refinanced. D. the federal government has the Social Security trust fund.