The level of real GDP person
a. differs widely across countries, but the growth rate of real GDP per person is similar across countries.
b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries.
c. and the growth rate of real GDP per person are similar across countries.
d. and the growth rate of real GDP per person vary widely across countries.
d
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If a city decides to restrict the number of pizza parlors,
A) the price of pizza will increase. B) pizza parlors will make higher profits. C) total welfare will decrease. D) All of the above.
Which of the following calculations will yield the correct measure of real GDP?
A) divide nominal GDP by the consumer price index B) divide the GDP deflator by the consumer price index C) multiply nominal GDP by the consumer price index D) multiply nominal GDP by the GDP deflator E) none of the above