Growth in GDP per capita is attained when
A. There is growth in output.
B. Population is held constant.
C. There is growth in population.
D. The growth of output exceeds population growth.
Answer: D
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When you hire a company to paint your house, you cannot be sure of the quality of paint that was used. This situation is an example of
a. moral hazard. b. the adverse selection problem. c. the market for lemons. d. the principal-agent problem.
Average product of labor is equal to ________
A) total product multiplied by the quantity of labor employed. B) the total product produced C) the quantity of labor employed divided by total product D) total product divided by the quantity of labor employed
What is the difference between an expenditure-changing policy and an expenditure-switching policy?
What will be an ideal response?
A market in which businesses, households, and governments buy and sell national currencies is
A) the foreign exchange market. B) the currency exchange market. C) the money exchange market. D) the dollar exchange market.