If the level of aggregate real Gross Domestic Product (GDP) remains constant, a reduction in the population
A. directly increases per capita real GDP.
B. has no effect on real per capita real GDP.
C. directly reduces per capita real GDP.
D. indirectly reduces per capita real GDP.
Answer: A
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Suppose the government is auctioning the right for a company to mine for gold in a government-owned region of the country. Further suppose that the government has information regarding the amount of gold that is likely to be found in the region, but the companies bidding for the rights do not have this information. This is an example of ________.
A) screening B) the principal-agent problem C) the lemons problem D) asymmetric information
Types of money used by colonists included all of the following except:
a. gold and silver coins. b. bills of exchange. c. bills of credit. d. government-issued fiat currency.
Which country is the United States' largest trading partner?
a. Canada b. Japan c. Great Britain d. Mexico e. South Korea
A monopoly industry: a. has very significant barriers to entry
b. faces a downward sloping demand curve. c. may earn economic profits or losses in the short run. d. has all of the above characteristics.