A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP)
b. exchange rate
c. GDP over time
d. population
d. population
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On a diagram of the planned expenditure function Ep and the 45-degree line, we find autonomous planned spending
A) where the 45-degree line hits the vertical axis. B) at each level of output by the vertical distance between the Ep and 45-degree lines. C) where Ep intersects the vertical axis. D) at each level of income by the vertical distance from the horizontal axis up to Ep.
If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X
a. will cause total spending on good Y to rise. b. will cause total spending on good Y to fall. c. will cause total spending on good Y to remain unchanged. d. will have an indeterminate effect on total spending on good Y.
Holding all other things constant, a higher price for ski lift tickets would
a. increase the number of skiers. b. increase the price of skis. c. decrease the number of skis sold. d. decrease the demand for other winter recreational activities.
Research by Richard Layard indicates that an increase in a country's level of output per capita will
A) always increase happiness in that country. B) always decrease happiness in that country. C) generally have no effect on happiness in that country. D) increase happiness in that country if output per capita is relatively low.