If real GDP grew by 5 percent during one year and population also grew by 5 percent, then
a. real GDP did not change.
b. nominal GDP did not change.
c. the change in real GDP equaled the change in nominal GDP.
d. real GDP per capital did not change.
d. real GDP per capital did not change.
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Price increases always reduce economic efficiency.
Answer the following statement true (T) or false (F)
Minimum wage laws are always beneficial to low-wage workers
Indicate whether the statement is true or false
Esmerelda worked part-time for her mother's business without pay. Tabitha was absent from work because she had strep throat. Who is counted as "employed" by the Bureau of Labor Statistics?
a. Esmerelda but not Tabitha b. Tabitha but not Esmerelda c. both Esmerelda and Tabitha d. neither Esmerelda nor Tabitha
Based on scientific nutritional studies, in most countries an income of $1 a day does not provide sufficient food, shelter, and clothing to live. Under these conditions the medical risk of death is high. This statement is:
A. a subjective statement. B. a normative statement. C. a positive statement. D. an art-of-economics statement.