If a country of 300 million people has a total output of $12 trillion, its per capita output is:
A. $400,000.
B. $36,000.
C. $360,000.
D. $40,000.
Answer: D
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All else held constant, if the government places a tax on each gallon of gasoline produced, then this would cause a
A. movement down along the current supply curve of gasoline. B. rightward shift in the current supply of gasoline. C. leftward shift in the current supply of gasoline. D. movement up along the current supply curve of gasoline.
A reason why discretionary fiscal policy might move the economy away from potential GDP instead of toward potential GDP is that
A) economic forecasts consistently underestimate the impact of fiscal policy. B) it is difficult to know whether real GDP is above or below potential GDP. C) during a recession, politicians prefer increases in government spending over decreasing taxes. D) government programs automatically move real GDP away from potential GDP. E) government programs are always expansionary.
Recessions are largely the result of
A) high wages. B) the wishful thinking of zero economic growth advocates. C) widespread and systemic errors from manipulated market signals. D) none of the above.
On the Lorenz curve graph, the area between the line of equality and the Lorenz curve is 2,500, and the entire area beneath the line of equality is 5,000. What does the Gini ratio equal?
What will be an ideal response?