The standard of living is measured by
A) employment.
B) the population.
C) real GDP per person.
D) real GDP.
E) employment per person.
C
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Which of the following statements is correct?
I. When economists derive the aggregate demand curve, they are looking at the effect of the price level on one commodity only. II. Any non-price-level change that increases total planned real spending on domestic goods shifts the AD curve to the right. A) I only B) II only C) Both I and II D) Neither I nor II
The product life cycle model says that comparative advantage in manufactured goods may move from one country to another as a product becomes more standardized
Indicate whether the statement is true or false
In the U.S. over the past century, increases in labor
a. supply have outpaced increases in labor demand, causing the average wage rate to fall b. supply have outpaced increases in labor demand, causing the average wage rate to rise c. demand have outpaced increases in labor supply, causing the average wage rate to fall d. demand have outpaced increases in labor supply, causing the average wage rate to rise e. demand have occurred at the same pace as increases in labor supply, so the average wage rate has remained unchanged
The difference between the national debt and a federal budget deficit is
What will be an ideal response?