Ceteris paribus, if the employment rate is rising, the GDP per capita is
A. Not changing.
B. Falling.
C. Rising.
D. It is impossible to determine because the employment rate is not related to GDP per capita.
Answer: C
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The four categories of expenditure used by the expenditure approach method to calculate GDP are
A) consumption expenditure, taxes, saving and investment. B) consumption expenditure, investment, net imports and saving. C) saving, taxes, government expenditure and investment. D) consumption expenditure, investment, government expenditure and net exports.
In the above figure, if a subsidy is granted that generates an efficient allocation of resources, then the output level will be
A) zero. B) 50 units per week. C) 150 units per week. D) 250 units per week.
Economists agree that a monopolistically competitive market structure
A) can eliminate any excess capacity if all firms in the industry devote more funds to differentiating their products. B) lowers consumer utility because consumers pay a price higher than the marginal cost of production. C) is detrimental to society because it leads to a waste of scarce resources. D) benefits consumers because firms produce products that appeal to a wide range of consumer tastes.
Figure 7-8
Of the graphs in Figure 7-8, which represents total cost?
a.
1
b.
2
c.
3
d.
4