Which of the following statements is true?
A) The GDP per capita has almost been constant since the beginning of the 20th century in most of the western world.
B) The average GDP per capita of a nation at a particular point of time is not the same as the income of all individuals in that nation.
C) GDP per capita decreases with a decrease in population and increases with an increase in population, GDP remaining unchanged.
D) GDP per capita is a useful to tool to study the disparities in standards of living in a country.
B
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In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays
a. 7 percent b. 25 percent c. 15 percent d. 38 percent e. 52 percent
If a consumer's total expenditure on a good does not vary with price, then that consumer's demand curve is unit elastic over that range of prices
a. True b. False Indicate whether the statement is true or false
The figure illustrates all of the following EXCEPT
A. at higher wages, more workers will seek to enter the industry, thereby adding to the surplus of workers where QS is greater than QD. B. if the union establishes by collective bargaining a wage rate that exceeds equilibrium, an excess quantity of labor will be demanded. C. there is a trade-off union leadership faces: Higher wages inevitably mean a reduction in total employment-a smaller number of positions. D. if the union establishes by collective bargaining a wage rate that exceeds equilibrium at point Wu an excess quantity of labor will be supplied.
Which of the following is not a factor that automatically pushes firms in pure competition to earn only normal profits in the long run?
A. Entry of new firms B. Exit of some firms C. Changes in the firms' plant size D. Changes in the market demand