Per capita real GDP is a measure of
A. productive activity.
B. cultural harmony.
C. economic welfare.
D. cost of living standards.
Answer: A
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How is the effect of expansionary monetary policy depicted in an aggregate supply-aggregate demand graph?
A) The aggregate demand curve shifts rightward. B) The aggregate supply curve shifts leftward. C) The equilibrium level of income increases, but neither curve shifts. D) The aggregate supply curve shifts rightward.
________ is considered a high income country, ________ a developing country, and ________ a newly industrializing country
A) Canada; France; Singapore B) Honduras; New Zealand; South Korea C) Japan; Hong Kong; South Korea D) United States; Somalia; Taiwan
Refer to the graph below. At equilibrium, the minimum acceptable revenue that sellers would have been willing to receive is represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. b
B. b + c
C. a + b
D. c
Refer to the above table. What is the marginal factor cost when the firm employs the second unit of labor?
A. $21 B. $38 C. $36 D. $19