Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A. GDP.
B. Real GDP.
C. Economic growth.
D. Per capita GDP.
Answer: D
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Which of the following statements is true of incentives?
A) Incentives can be financial or moral, but not coercive. B) Incentives can be financial or coercive, but not moral. C) Incentives are designed to change behavior. D) Incentives are always in the form of rewards.
A monopolist's demand curve is given by:
p = 100 + A1/2 – Q where Q is the quantity of output and A is the quantity of advertising. Suppose the cost of advertising and output is given by: C(Q,A) = 10Q + A Determine the profit maximizing quantity of output and advertising.
An insecure monopoly is one where:
A. a new patent has been granted. B. the possibility of a second firm entering exists. C. no other firms can enter. D. price-fixing is illegal under the Sherman Act.
Recent data has shown that income and volunteer time are positively related. Assuming that volunteer time is included in leisure time, what could explain this observation?
A) Higher income individuals view leisure as a normal good such that the income effect dominates the substitution effect. B) Higher income individuals view leisure as a normal good such that the substitution effect dominates the income effect. C) Higher income individuals view leisure as an inferior good such that the income and substitution effects both increase leisure time. D) Both A and C.