Which of the following is the best measure of an increase in actual output?
A. Nominal GDP.
B. Real GDP.
C. Per capita GDP.
D. GDP per dollar.
Answer: B. Real GDP.
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Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions. B) can influence the market price by joining with a few of their competitors. C) have the market price dictated to them by government. D) have to take the market price as a given.
The main cause of low per capita income is ________
A) a low level of capital B) a small workforce C) low productivity of capital and labor D) slow growth of capital and labor shares of income E) none of the above
The legislature is equivalent to a political market because _____
a. legislators are akin to price takers b. policies can be bought and sold c. legislators can be bought and sold d. logrolling allows legislators to trade amongst themselves
When the free market produces less than the socially optimal quantity of a good,
a. negative externalities must be present b. marginal social cost must exceed marginal private cost c. marginal private benefit must exceed marginal social benefit d. the government should tax production of the good e. there has been a market failure