Refer to the scenario above. The income per capita of Country 2 in PPP-adjusted dollars is ________
A) $4,236 B) $12,655 C) $6,834 D) $5,985
D
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A nation's standard of living, as measured by real GDP per person, increases:
A. only if the share of population employed increases. B. if either average labor productivity and/or the share of population employed increase. C. only if both average labor productivity and the share of population employed increase. D. only if average labor productivity increases.
Refer to Table 8-7. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. Calculate nominal GDP for this simple economy
What will be an ideal response?
Which of the following is not assumed in perfect competition?
a. there are numerous sellers of a product b. all products are identical c. no advertising exists d. all firms are equally efficient in the short run
If the government decides to change the level of government spending, what happens to the value of the multiplier?
A. It becomes larger. B. It becomes smaller. C. It does not change. D. It is impossible to predict.