GDP divided by the population gives us

A) the price level.
B) the GDP deflator.
C) per capita GDP.
D) real GDP.
E) none of the above.

C

Economics

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Which of the following statements is false?

A) Anytime you have to decide which action to take you are facing an economic trade-off. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. C) Every individual, no matter how rich or poor, is faced with making trade-offs. D) Economics is a social science that studies the trade-offs we are forced to make because of scarcity.

Economics

Refer to the information provided in Figure 2.4 below to answer the question(s) that follow. Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,

A. increases B. remains constant. C. initially increases, then decreases. D. decreases.

Economics