Per capita GDP will rise if GDP
A. Increases at the same rate as the population increases.
B. Decreases and the population increases.
C. Increases more slowly than the population increases.
D. Increases more rapidly than the population increases.
Answer: D
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If a linear supply curve has a zero intercept, the elasticity of supply is always unitary
What will be an ideal response?
The highest and lowest levels of economic activity during the business cycle are called
a. peaks and troughs. b. expansions and contractions. c. nadirs and zeniths. d. leading and lagging indicators.
If large, dominant firms tend to be more successful and last longer than small, non-dominant firms, it would be because:
A) the large firm can dictate what it wants to consumers and to its suppliers. B) the large, dominant firm is able to offer more products at lower prices. C) the large, dominant firm has an advantage in its costs or in being able to meet customer wants. D) the small firm is a risk-taker and typically is not around for long. E) the small firm can never compete with the large firm.
A critical assumption in economist A. P. Lerner's theory explaining why society's total utility is maximized with income equality is
a. there is no "level playing field" in people's choice of employment b. people have identical utility functions c. the rich earn their income by exploiting the poor d. people have equal skills if given equal opportunity e. the law of diminishing marginal utility does not apply to money