GDP per capita is
A. Investment as a percentage of GDP.
B. The same as GDP per worker.
C. Total GDP divided by total population.
D. The population divided by total GDP.
Answer: C
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Refer to the above figure. Unexpected expansionary monetary policy has caused the aggregate demand curve to shift to AD2. In the long run
A) real GDP will be Y1, and the price level will be above P2. B) real GDP will be between Y1 and Y2, and the price level will be between P1 and P2. C) real GDP will be Y2, and the price level will be P2. D) real GDP will be Y1, and the price level will be P1.
What property of the von-Neumann Morgenstern utility function is related to risk aversion?
a. Its upward slope b. Its downward slope c. Its convexity d. Its concavity
"Assume that all individuals have perfect information about prices now and in the future, that they have identical tastes, that all markets are competitive, and that there is no government." This statement is indicative of how economists
a. apply the law of supply and demand. b. employ marginal analysis. c. are prevented from getting correct answers. d. abstract for analytic purposes. e. use realistic assumptions to develop theory.
The saving rate in the United States fell to nearly zero in the early 2000s. One of the contributing factors to this development was the
A. decrease in consumer confidence in the late 1990s. B. declining real incomes of most American households. C. increased housing wealth. D. rising real interest rates in the United States.