GDP per capita:
A. tells us about how the output is allocated in an economy.
B. tells us about what you can buy with a given amount of money in that country.
C. is an average income per person in an economy.
D. All of these statements are true.
Answer: C
Economics
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Negative income taxes have been a feature of our tax system since President Lyndon Johnson's "war on poverty" in the 1960s
Indicate whether the statement is true or false
Economics
Schumpeter's hypothesis states that
a. monopolists are always trying to raise prices b. competition does not always generate the lowest prices c. when government fosters competition, prices fall d. price-takers create the highest prices e. efficiency is highest under conditions of perfect competition
Economics