Of the following, the most often used measure of changing living standards is
A) the growth rate of nominal GDP.
B) the growth rate of real GDP.
C) the growth rate of nominal GDP per capita.
D) the growth rate of real GDP per capita.
E) unemployment per capita.
D
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Refer to Figure 5.6. Which diagram shows an increase in income with bread being inferior and soup being normal?
A. A
B. B
C. C
D. D
According to the monetarist point of view
A. to avoid inflation, the Federal Reserve should create reserves at the same rate as the velocity of money. B. velocity of money is not constant; therefore, the increase in the money supply should not be constant. C. in the short run, increased unemployment and/or reduced inflation are the result of a reduction in the growth of the money supply. D. in the short run, changes in the money supply can have no effect on output in the economy, only on prices.
A mining company's extraction costs curve is:
A. Upward-sloping because the more the company extracts, its marginal extraction costs increases B. Upward-sloping because the more the company extracts, its marginal extraction costs decreases C. Downward-sloping because the more the company extracts, its marginal extraction costs increases D. Downward-sloping because the more the company extracts, its marginal extraction costs decreases
Suppose the following information describes the economy:Government purchases of goods and services1,000Household saving2,000Government transfers and interest payments500Tax collections1,500Business saving2,500Private saving equals ________; public saving equals ________; national saving equals ________.
A. 500; -1,500 B. 4,500; 0 C. 4,500; 1,000 D. 1,000; 1,000