GDP per capita
A. Indicates the most efficient use of resources.
B. Is real GDP corrected for price level changes.
C. Is equal to a nation's GDP divided by its population.
D. Does not permit comparisons of the economic welfare of different nations.
Answer: C
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Which of the following is a balance of payments account?
i. current account ii. past account iii. capital and financial account A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
An example of a situation in which the social costs are greater than the private costs would be
A) a new restaurant takes business away from an established restaurant. B) hand-held calculators putting slide rule manufacturers out of business. C) when a member of a rock band's ability to hear deteriorates from performing in so many loud concerts. D) a physician who cannot examine patients with a stethoscope in an examination room adjacent to an airport.
Assuming a market rate of interest equal to 7 percent, what is the present value of $200 to be received one year from today?
A) $123 B) $156 C) $187 D) $210
Which of the following would supply-side economists advocate?
I. reducing tax rates in order to encourage people to work more II. providing investment tax credits to stimulate capital formation spending III. increasing government spending IV. increasing transfer payments to those who want to be retrained for employment A) I, II, III, and IV B) I, II, and III only C) I, II, and IV only D) I and II only