Explain how the United Nations uses the Human Development Index (HDI) to better measure the standard of living around the globe
What will be an ideal response?
Economists have long realized that the level of real GDP per person is not a total measure of a country's standard of living. The United Nations has constructed an index, referred to as HDI, that attempts to measure the well-being of people in a given country. This index takes into account the country's level of real GDP per person as well as also other key factors, such as life expectancy, health, and education levels.
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A technological breakthrough in using photons for computers will increase the productivity of those working with computers a hundredfold. You would expect this breakthrough to shift the
A) marginal product of labor curve up and to the right, raising the quantity of labor demanded at any given real wage. B) marginal product of labor curve down and to the left, reducing the quantity of labor demanded at any given real wage. C) labor supply curve up, reducing the quantity of labor demanded at any given real wage. D) labor supply curve down, raising the quantity of labor demanded at any given real wage.
The fewer alternative uses a resource has,
a. the greater the proportion of its earnings that is economic rent b. the smaller the proportion of its earnings that is economic rent c. the more elastic its supply d. the more elastic its demand e. the less elastic its supply
Your scarcity problem would disappear if you were rich
a. True b. False Indicate whether the statement is true or false
The dollar appreciates when U.S. demands for foreign currencies decrease
a. True b. False Indicate whether the statement is true or false