Which of the following is a widely used measure of the standard of living?
(a) Nominal output per person employed;
(b) Nominal output per head of population;
(c) Real income per head of population;
(d) Real output per unit of capital.
Answer: (d) Real output per unit of capital
You might also like to view...
A risk-neutral individual is offered a gamble that promises a gain of $1000 with probability 0.25 and a loss of $300 with probability 0.75 . Given this situation, he or she will: a. definitely take the gamble
b. definitely not take the gamble. c. definitely take the gamble if his or her income is high enough. d. take an action that cannot be determined given the information available.
In the short run, an increase in the money supply will
a. decrease the interest rate, increase real GDP, and decrease the price level b. increase the interest rate, decrease real GDP, and decrease the price level c. result in decreases in the interest rate and real GDP, which are then followed by increases in the interest rate which offset some of the change in real GDP d. result in decreases in the interest rate and increases in real GDP, which are then followed by increases in the interest rate which offset some of the increase in real GDP e. result in an increase in the interest rate and a decrease in real GDP, which are then followed by decreases in the interest rate which offset some of the decrease in real GDP
Suppose that twenty-five years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100 . Today it has nominal GDP of $3,000, a GDP deflator of 400, and population of 150 . What happened to the real GDP per person?
a. It more than doubled. b. It increased, but it less than doubled. c. It was unchanged. d. It decreased.
The term "balance of payments" refers to a nation's:
A. goods exports minus imports. B. record of all international transactions. C. capital inflows minus outflows. D. official reserves inflows minus outflows.