Output per person on a country level is another way to think about:
A. nominal GDP.
B. real GDP per capita.
C. GDP growth rates.
D. productivity.
Answer: B
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Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for soccer balls causes the price of soccer balls to increase by 20%, then the quantity supplied of soccer balls will increase by about
a. 0.67% in the short run and 0.17% in the long run. b. 3% in the short run and 1.2% in the long run. c. 6% in the short run and 24% in the long run. d. 66.7% in the short run and 16.7% in the long run.
The decline in the natural rate of unemployment between the 1970s and the 2000s might be the result of:
A. increasing wage inequality and skill-biased technological change. B. greater quantities of human capital and increased average labor productivity. C. the changing age structure of the population and more efficient labor markets. D. advances in computer technology and globalization.
If the economy were producing at point C and moves to point B
Hypothetical Production Schedule for a Two-Product Economy
A. 4 units of capital goods are gained, while the capacity to produce 32 consumer goods are lost.
B. 16 units of capital goods are gained at an opportunity cost of producing 40 consumer goods.
C. 16 units of capital goods are gained at an opportunity cost of producing 72 consumer goods.
D. 4 units of capital goods are gained, while the capacity to produce 72 consumer goods are lost.
In the last two decades, women have completely closed the gender earnings gap.
Answer the following statement true (T) or false (F)