When a country's real GDP is increasing at a faster rate than its population,
What will be an ideal response?
per capita GDP will be rising.
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The real wage rate measures the
A) quantity of goods and services that an hour of work will buy. B) average weekly earnings in dollars of a worker. C) dollar value of an hour of work. D) dollar value of what a worker could earn in another job.
In 2008, inflation exceeded expected inflation. In 2009, expected inflation exceeded inflation
Therefore the real interest rate was ________ than the expected real interest rate in 2008 and the real interest rate was ________ than the expected real interest rate in 2009. A) less; less B) less; greater C) greater; less D) greater; greater
An increase in the wage rate will have a greater effect on average costs
a. the larger the proportion labor costs are of total costs and the easier it is to substitute capital for labor. b. the larger the proportion labor costs are of total costs and the harder it is to substitute capital for labor. c. the greater is the diminishing marginal product of labor. d. the greater are returns to scale.
GDP is a measure of the total output of an economy
a. True b. False Indicate whether the statement is true or false