For a nation's real GDP per capita to rise during a year:
A. consumption spending must increase.
B. real GDP must increase more rapidly than population.
C. population must increase more rapidly than real GDP.
D. investment spending must increase.
B. real GDP must increase more rapidly than population.
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When moving along the production possibilities frontier, opportunity cost is measured as the
A) increase in the quantity produced of one good divided by the decrease in the quantity produced of another good. B) decrease in the quantity produced of one good divided by the increase in the quantity produced of another good. C) quantity produced of one good divided by the quantity produced of another good. D) quantity produced of one good multiplied by the quantity produced of another good.
Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of pineapples in Guatemala?
A) 1/2 of a ton of coconuts B) 1 1/3 tons of coconuts C) 2 tons of coconuts D) 180 tons of coconuts
An increase in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point inside the frontier
Indicate whether the statement is true or false
A firm that is earning zero economic profit should go out of business.
Answer the following statement true (T) or false (F)