Per capita real GDP is:
a. equivalent to the real GDP level.
b. a measure of the value of output produced and available to an average person.
c. higher in developing countries than in developed countries.
d. a measure of an economy's income distribution.
e. a measure of the GDP per country.
b
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Moving along a short-run aggregate supply curve, resource prices ________, the money rate wage ________, and potential GDP ________
A) do not change; changes; does not change B) do not change; does not change; changes C) change; does not change; does not change D) do not change; does not change; does not change
The rule of reason was applied in the Alcoa case
a. True b. False Indicate whether the statement is true or false
In perfect competition, an increase in fixed costs will eventually cause all except
a. reduction in industry output. b. reduction in a firm's output. c. reduction in the number of firms. d. decrease in industry supply.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/500 B. 1/10 C. 1/250 D. 500