GDP per capita is:
A. highly correlated with quality of life.
B. perfectly correlated with quality of life.
C. loosely correlated with quality of life.
D. negatively correlated with quality of life.
A. highly correlated with quality of life.
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Which of the following is a criticism of the neoclassical counter-revolution school's approach?
a. markets are not competitive in developing countries. b. externalities are common in developing countries. c. inequality may worsen when interventions are removed in developing countries. d. all of the above.
The general equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that
A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered sectors, driving down wages in the uncovered sectors. D) all workers will be worse off.
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.65, which of the following statements is true?
A) The firm should expect the market price of its product to increase. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to fall. D) The firm should expect the market supply curve to increase.
If the United Auto Workers union can obtain a substantial wage increase for auto workers, there will be a(n):
a. decrease in the supply of automobiles, which is a shift to the right of the supply curve. b. decrease in the supply of automobiles, which is a shift to the left of the supply curve. c. increase in the supply of automobiles, which is a shift to the right of the supply curve. d. increase in the supply of automobiles, which is a shift to the left of the supply curve.