When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Incomes are growing at a slower rate than the population.
B) Real GDP per capita is rising.
C) Living standards are falling.
D) Real GDP is falling.
B
Economics
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A market basket:
A. is a tool devised to track how changing prices affect consumers. B. includes all the goods and services consumed in an economy, including imports. C. includes all the goods and services produced in an economy. D. includes all the goods and services consumed in an economy, including net exports.
Economics
A good or service that is both rival and excludable is a:
A. public good. B. commons good. C. collective good. D. private good.
Economics