Joe and Ed go to a diner that sells hamburgers for $5 and hot dogs for $3 . They agree to split the lunch bill evenly. Ed chooses a hot dog. The marginal cost to Joe then of ordering a hamburger instead of a hot dog is

The size of the spending multiplier depends on the level of real GDP

a. True b. False Indicate whether the statement is true or false

Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____

a. the average citizen's standard of living in a nation b. the quality of labor in a nation c. the distribution of income in a nation d. the quality of life people experience in a nation e. economic activity in a nation