When economic growth is compared between countries, the best measure to use is
A. nominal GDP.
B. real GDP.
C. real GDP per capita.
D. chain-weighted GDP.
Answer: C
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Between 1950 and 2015, the number of acres devoted to wheat production in the United States ________ and the price of wheat ________
A) declined; more than doubled B) more than doubled; increased by about 50 percent C) declined; decreased D) increased; more than doubled
Which of the following is an example of a negative externality?
A. Bad weather reduces the size of the wheat crop. B. A reduction in the size of the wheat crop causes the income of wheat farmers to fall. C. Smoking harms the health of nonsmokers who are nearby. D. Smoking harms the health of the smoker. E. all of the above
When industrial unions negotiate with an entire industry, wage gains come at the cost of
a. longer working hours b. worse working conditions c. reduced total employment d. worse products e. longer hours
A market in which resources are traded is known as a(n)
a. factor market b. perfectly competitive market c. open market d. closed market e. equilibrium market