The variable used by economists as the best broad indicator of a nation's standard of living is
A) real GDP per person.
B) real GDP.
C) the capital-labor ratio.
D) the capital-output ratio.
E) multifactor productivity.
A
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The price of an airline ticket from Denver to Chicago costs $300. A bus ticket costs $150. Traveling by plane takes 2 hours compared with 32 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than Select one:
a. $2 per hour. b. $4.69 per hour. c. $5 per hour. d. $150 per hour.
Economic income is the sum of consumption and
A. the change in net worth. B. wealth. C. net worth. D. transfer payments.
Homothetic goods are neither necessities nor luxuries, but rather lie on the borderline between them. ?
Answer the following statement true (T) or false (F)
The table above shows the PPF of an island community. This community's opportunity cost of producing 1 pound of fish ______
A. is the increase in the quantity of berries gathered as the quantity of fish increases by 1 pound B. increases as the quantity of berries gathered increases C. is 10 pounds of berries if the quantity of fish increases from 2 to 3 pounds D. increases as the quantity of fish caught increases