Per capita GDP is
A. A dollar measure of the economic growth rate of a country.
B. The value of the factors of production used to produce output in a country.
C. The dollar value of GDP divided by total population.
D. The sum of consumer goods, investment goods, government services, and net exports.
Answer: C
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If the probability of the bad outcome is 0.5, the benefit level of actuarily fair insurance will be half the premium.
Answer the following statement true (T) or false (F)
Monopolistic competition is associated with
A) product differentiation. B) price-taking behavior. C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions. D) high profit margins in the long run. E) increasing returns to scale.
Specialization according to comparative advantage followed by free trade makes every economy better off
a. True b. False Indicate whether the statement is true or false
It has been argued that state-subsidized ____ programs have benefited the poor more than middle and upper-income quintiles
a. Medicaid b. higher education c. art museum d. airport and airline subsidy