Per capita real Gross Domestic Product (GDP) is
A. real Gross Domestic Product (GDP) divided by the population.
B. population divided by real Gross Domestic Product (GDP).
C. real Gross Domestic Product (GDP) divided by a price index.
D. real Gross Domestic Product (GDP) minus depreciation.
Answer: A
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If the current exchange rate is 1.00 euro per dollar and the expected exchange rate at the end of the month rises to 1.20 euros per dollar, then the demand for dollars ________ because people expect holding of dollars to become ________ profitable
A) decreases; more B) increases; less C) increases; more D) does not change; neither more nor less E) decreases; less
Trinh quits his $80,000-a-year job to become a full-time volunteer at a museum. What is the opportunity cost of his decision?
A) the value he attributes to the joy of working at a museum B) depends on the "going rate" of museum employees C) at least $80,000 D) 0 since he will no longer be earning a salary
The factors of production are which of the following?
a. The outputs generated by the production process of transforming land, labor, and capital into goods and services. b. The land resources, such as natural resources, that are unimproved by human economic activity. c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories). d. Labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
Use designation for a water body
a. gives the biological and chemical water attributes to meet water quality standards b. is one of two components of receiving water quality standards c. identifies the intended purposes of a water body d. all of the above e. (b) and (c) only