Over time, a country's real GDP per capita typically
A) shrinks B) grows.
C) increases and decreases randomly. D) remains stable.
B
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In the above table, the unemployment rate is
A) 6 percent. B) 24 percent. C) 18 percent. D) 29 percent.
Which of the following decreases aggregate demand?
A) The government increases taxes on both business and personal income. B) Foreign incomes rise. C) The quantity of money in the economy increases. D) Households believe that the economy is headed for good times, with higher future incomes.
The fact that individuals substitute away from a taxed activity creates _____
a. the excess burden of taxation b. the welfare cost of taxation c. deadweight loss of taxation d. all of the above e. a and b
For which of the following medical goods or services is the income elasticity of demand likely to be largest?
a. emergency services after a car accident b. measles shots c. physical examinations for life insurance applications d. medical tests to diagnose specific symptoms e. face-lifts