In 2011, the per capital output of goods and services in the United States was approximately

a. $15,000.
b. $45,000.
c. $8,000.
d. $25,000.


b. $45,000.

Economics

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Consider the following: Farmer Jones bought seed and fertilizer for $100. He grew wheat that he sold to the Acme Bread Company for $200. Acme Bread produced and sold bread to the ABC Grocery Store for $250. Consumers bought the bread from the grocery for $350. How much was added to the GDP?

A) $600
B) $800
C) $350
D) $700

Economics

Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the cost of capital will

A) increase the firm's marginal cost. B) decrease the firm's marginal cost. C) have no effect on the firm's marginal cost. D) More information is needed to answer the question.

Economics

If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a

a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.

Economics

The Sherman Anti-Trust Act gave the U.S. government the power to control

a. monopolies b. public utilities c. the postal service d. the stock market

Economics