GDP per capita is a relatively good measurement of:
A. the distribution of income.
B. purchasing power.
C. household production.
D. the standard of living.
Answer: D
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The age distribution within the population of a country can have a considerable impact on the economy and the _____________ of living.
a. standard b. duration c. cost d. modality
What is the fallacy of composition? Give an economic and a non-economic example
Please provide the best answer for the statement.
Last year you earned $20,000 and paid taxes in the second tax bracket at 15 percent. This year you earned $25,000, the extra $5,000 just compensating you for inflation. However, this year you paid taxes in the third bracket at 20 percent. This illustrates the concept of
A. Bracket creep. B. Stagflation. C. Deflation. D. Speculation.
The price elasticity of demand measures
A. the change in quantity demanded due to a change consumer income. B. the change in price due to a change in demand. C. the responsiveness of price to a change in competition. D. the responsiveness of quantity demanded to a change in price.