In general, GDP per capita is highly correlated with alternative measures of quality of life
a. True
b. False
Indicate whether the statement is true or false
True
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What causes the overexploitation and depletion of common pool resources?
What will be an ideal response?
Periodic fluctuations in GDP are called business cycles
a. True b. False
Figure 11-6
The industry described in Figure 11-6
A. is not a natural monopoly because no firm would produce in the long run unless the government intervened in the market. B. is not a natural monopoly because the average total cost curve is U shaped. C. is a natural monopoly because the economic profit is positive for a monopolist if the government doesn’t intervene. D. is a natural monopoly because price is less than average total cost at the output that would be produced by the industry under perfect competition.
The Bureau of Labor Statistics collects ________ measures of unemployment.
A. 6 B. 5 C. 7 D. 4