GDP per capita is:
A. Total GDP multiplied by total population.
B. Total GDP divided by total population.
C. Total output divided by total labor force.
D. The percentage change in real GDP from one period to another.
B. Total GDP divided by total population.
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Draw individual demands for caviar for Al, Barbara, Chuck, and Denise where Al’s demand is relatively inelastic, Barbara’s is elastic, Chuck’s is upward sloping, and Denise refuses to eat caviar at any price. Then draw the corresponding market demand.
What will be an ideal response?
To what extent should monetary policy be used to fine-tune the economy?
If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs are an inferior good for you. B. your demand curve for hot dogs is not downward sloping. C. hot dogs have no close substitutes for you. D. you must not enjoy eating hot dogs.
What is the threshold age for individuals to be considered as being in the "labor force" for statistical purposes?
A. 16 B. 18 C. 21 D. Over 21