Average GDP per person is
A. A measure of the economic growth rate of a country.
B. The value of the factors of production used to produce output in a country.
C. Also known as GDP.
D. Also known as per capita GDP.
Answer: D
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When producing goods and services along a PPF, tradeoffs exist because
A) not all production is efficient. B) society has only a limited amount of productive resources. C) buyers and sellers often must negotiate prices. D) human wants and needs are limited at a particular point in time.
What did the fiscal conservatives of the Eisenhower administration (1953–61) want?
(a) Balanced budgets and with manageable inflation (b) Inflation and budget surpluses (c) A balanced budget and high rates of interest (d) Laissez-faire economy
In an industry, when the cost curve of a firm is upward sloping at low levels of output relative to the market, it implies:
a. the industry is characterized by constant returns to scale. b. the industry has a high degree of competition. c. not many firms can operate together in this industry. d. the firm can charge a price lower than competition and still cover its costs.
Government debt is not a problem as long as the:
a. Assets a government purchases increase national productivity by an amount less than the private sector. b. Government spends the funds on consumption goods rather than investment goods, because consumption goods do not have to be amortized. c. Government can borrow from foreigners. d. Government can print money and repay the debt any time it wants. e. Nation's equity level is rising.