Real GDP per capita is found by
A. dividing population by real GDP.
B. subtracting population from real GDP.
C. dividing real GDP by population.
D. adding real GDP and population.
Answer: C
You might also like to view...
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for ramen noodles, an inferior good. Which panel describes what happens in this market as a result of an increase in income?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The Gulf Cartel and Sinaloa Cartel are the two major cartels in illegal drug trade in Mexico. Although, each of these cartels are better off sharing the market, they have an incentive to try to take the entire market. In which of the following ways is cheating among these cartel members dealt with in this region?
a. Through government taxation policy b. Through legally enforceable contracts c. Through restrictions on the supply of inputs used by the firms d. Through output quota and price ceiling e. Through violence and drug wars
Demand for farm products, in general, is said to be relatively price inelastic. Therefore, U.S. farm policy, which is designed to keep farm prices above equilibrium, should
a. decrease farm incomes b. increase farm incomes c. not affect farm incomes d. reduce the number of farmers e. lower food prices for consumers
If the supply of health-care services is highly inelastic and larger government subsidies lead to an increase in the demand for the services,
a. the prices of health-care services will rise by only a small amount, but the quantity supplied will increase substantially. b. the prices of health-care services will rise substantially, but the quantity supplied will increase by only a small amount. c. both health-care prices and the quantity of the services supplied will increase substantially. d. the prices of health-care services will decline, but there will be only a small change in the quantity supplied.