The key indicator of a country's living standard and economic well-being is:
A. the interest rate.
B. nominal GDP per person.
C. real GDP per person.
D. real GDP.
Answer: C
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A relatively large increase in the cost of electricity would likely
a. result in a large increase in the use of gas for home use immediately. b. cause an immediate large decline in the use of electricity. c. increase the use of gas and decrease the use of electricity after a time lapse. d. cause an equal reduction in the use of electricity immediately.
Which of the following will occur if a natural monopoly is broken into two smaller firms?
a. The price will drop. b. Industry output will increase. c. Production costs will increase. d. Industry output will decrease.
Describe how the moral hazard associated with welfare benefits can be reduced, and tell what other problems this creates.
What will be an ideal response?
Shirking can take the form of:
A. leaving work early. B. long lunch hours. C. sleeping at work. D. All of the statements associated with this question are correct.