Per capita GDP is simply GDP divided by
A) the population.
B) the price level.
C) the inflation rate.
D) the consumer price index.
E) none of the above.
A
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The law of diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. total utility is maximized when consumers get the same amount of marginal utility from the last unit of every good they consume. c. beyond some point, added units of a product provide lower and lower amounts of marginal
utility. d. a consumer would get less utility from the last unit of a good consumed when that good costs $3 than when it costs $1.
The balance of payments ____________
a. is always zero b. is always one c. is positive when the nation has a trade surplus d. is negative when the nation has a trade deficit e. is positive when the nation has a trade deficit
The 1994 book by Murray and Herrnstein, The Bell Curve, was about
a. government debt. b. the intelligence factor. c. capital growth. d. military readiness.
What is the main goal of most people in a nation that has a traditional economic system?
a. to make a significant profit b. to produce weapons instead of consumer goods c. to produce innovative new products that improve the quality of life d. to survive and not starve to death