What do economists mean by "per capita GDP"?
a. The value of a country's production at current market prices.
b. The value of a country's production adjusted for inflation.
c. The value of a country's production divided by the country's population.
d. The value of all paid and unpaid work in the country.
Answer: The value of a country's production divided by the country's population.
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Which of the following is TRUE?
A) APC - APS = 1 B) MPC + MPS = 1 C) 1 + APC = APS D) APC + MPS = 1
If a nation wants to get the most out of its resources, each productive assignment should be carried out by those persons who
A) least enjoy performing the productive activity. B) can complete the productive activity most rapidly. C) have a comparative advantage in the productive activity. D) have the highest opportunity cost.
Why do people keep currency in their pockets when bank deposits pay interest?
A) Because banks might steal your money. B) Because currency is more liquid. C) Because bank deposits lose value due to inflation. D) Because bank deposits lose value due to changes in interest rates.
From the standpoint of economic efficiency, competitive markets provide:
a. less of a public good than would be efficient. b. more of a public good than would be efficient. c. exactly the amount of a public good that is efficient. d. none of these.