If Real GDP is $6 billion and the population is 300,000, per-capita Real GDP is
A) $30,000.
B) $20,000.
C) $33,333.
D) $39,434.
B
Economics
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Evaluate the following statement. "If marginal product is falling it will bring down the average product."
What will be an ideal response?
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Which of the following is a characteristic of a monopoly market?
A) many firms B) one firm C) easy entry D) Firm is a price taker.
Economics
Explain how various components work together in the decision-making process of the free market system.
What will be an ideal response?
Economics
In the following graph, the price of labor is $15 per unit. The minimum cost of producing 1,000 units of output is:
A. $1,800 B. $ 150 C. $ 450 D. $ 600 E. none of the above
Economics