What is the economic criterion most often used to compare living standards across countries?
a. Real GDP growth.
b. Unemployment rate.
c. Incidence of AIDS.
d. Rate of population growth.
e. Real per capita GDP.
e
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Comment on the following statement: "Capital investment decisions always involve risk."
What will be an ideal response?
Assuming that increasing the utility of the transfer recipient is the only relevant criterion then an in-kind transfer would _____
a. never give more utility than an equal cash payment b. never give less utility than an equal cash payment c. always give the same utility as an equal cash payment d. always give less utility than an equal cash payment
The law of increasing costs indicates that the opportunity cost of producing a good:
A. is proportional to the production of the good. B. is constant to the production of the good. C. increases as more of the good is produced. D. decreases as more of the good is produced.
If an economy is being "allocatively efficient," then that means the economy is:
A. maximizing the returns to factors of production. B. using the least costly production techniques. C. producing the goods and services most wanted by society. D. fully employing all economic resources.