Which would be the best economic measure to compare standards of living among nations over time?
What will be an ideal response?
Changes in real GDP per capita
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The cross-price elasticity of demand between bread and potatoes is estimated to be 0.5. This implies bread and potatoes are:
A. normal goods. B. substitutes. C. complements. D. unrelated.
Since 1960, per capita real GDP in the United States has nearly tripled.
Answer the following statement true (T) or false (F)
Suppose that government imposes a specific excise tax on product X of $2 per unit and that the price elasticity of demand for X is unitary (coefficient = 1). If the incidence of the tax is such that the producers of X pay $1.75 of the tax and the
consumers pay $.25, we can conclude that the: A. supply of X is highly inelastic. B. supply of X is highly elastic. C. demand for X is highly inelastic. D. demand for X is highly elastic.
The total of consumer plus producer surplus is greatest
A. at the market equilibrium. B. when consumer surplus is maximized. C. when producer surplus is maximized. D. all of the above