How should per capita real Gross Domestic Product (GDP) be used?
A. Per capita real Gross Domestic Product (GDP) is a good gauge of a nation's quality of life because it takes into account a nation's cultural and spiritual values.
B. It is a reasonably good measure of productive activity.
C. It is an accurate measure of economic well-being.
D. all of these
Answer: B
You might also like to view...
With each 99 cent iTunes download, GDP
A) rises by 99 cents. B) falls by 99 cents. C) remains unchanged. D) is impossible to measure with this sale because nothing physical has been produced.
Examination of data since 1953 indicates that during this period stretching more than half a century, the Phillips curve
A. slopes smoothly upward at first but then slopes smoothly downward. B. is smoothly upward sloping. C. is smoothly downward sloping. D. fails to exist.
If MUx/Px < MUy/Py, then
A. spending a dollar less on X and a dollar more on Y increases utility. B. X is more expensive than Y. C. Y is more expensive than X. D. spending a dollar less on Y and a dollar more on X increases utility.
A manager of a firm with market power faces the marginal revenue product and average revenue product curves shown below. The firm incurs weekly fixed costs of $1,800. The firm employs a single variable input, labor, which costs $600 per worker each week.
Given the above, the maximum profit the firm can earn is ________.
A. $3,000 per week. B. -$1,800 per week. C. $4,800 per week. D. $1,800 per week. E. $2,400 per week.