What do economists mean by "per capita GDP"?
The value of a country's production at current market prices.
The value of a country's production adjusted for inflation.
The value of a country's production divided by the country's population.
The value of all paid and unpaid work in the country.
The value of a country's production divided by the country's population.
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Which of the following pairs of goods is likely to be considered substitutes?
A) A Nokia cell phone and a Nokia cell phone charger B) Coffee and sugar C) Printers and printing ink D) A Ford car and public transportation
Which of the following would lead to an increase in the supply of ethnic restaurants in a college town?
A) An increase in the wages paid to restaurant workers B) An increase in the price of American chain restaurants, and consumers regard American chain restaurants and ethnic restaurants as substitutes C) An increase in the demand for ethnic restaurants D) All of the above. E) None of the above.
Which of the following is not a reason why firms experience economies of scale?
A) Workers and managers can become more specialized, enabling them to be more productive. B) As output increases, the managers can begin to have difficulty coordinating the operations of their firms. C) Technology can make it possible to increase production with a smaller increase in at least one input. D) Larger firms may be able to purchase inputs at lower costs than smaller competitors.
If business firms are more optimistic during the expansion phase of the business cycle, they
A) raise their expected rates of return on projects and investment increases. B) lower their expected rates of return on projects and investment increases. C) raise their expected rates of return on projects and investment decreases. D) lower their prices and increase investment.