Which of the following statements is true of world GDP before 1800?
A) The entire world population was living above the subsistence level of income.
B) The GDP per capita in all nations was less than $500.
C) Most of the countries were growing at a rate of more than 6% per year.
D) Increase in GDP resulted in increase in consumption but not investment.
D
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The official settlements account of a country measures
A) the receipts from goods and services bought and sold and transfers to and from foreigners. B) borrowing and lending between the country's residents and foreigners. C) the net increase or decrease in the country's official reserves. D) net transfer payments between the country's citizens and foreigners.
Adam Smith believed that if people were free to pursue their own interests,
A) less would be produced than if government planners were in charge of the economy. B) they would generally apply their talents to unproductive activities that would generate little value to society. C) they would have little incentive to undertake productive activities. D) the public interest would be served quite well.
Arguments that income inequality statistics are incomplete or misleading are made by
A. both those in favor of and those against government intervention to reduce inequality. B. only those against government intervention to reduce inequality. C. neither those in favor of nor those against government intervention to reduce inequality. D. only those in favor of government intervention to reduce inequality.
An online dating firm is
A. a platform in a matchmaking market. B. an end user in a shared-input market. C. an end user in a matchmaking market. D. a platform in a shared-input market.