Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.

In national income accounting, the value of worn out or obsolete capital is represented by

A) depreciation. B) transfer payments. C) disposable income. D) dividends.

Suppose there is a water shortage, and the governor proposes that the government distribute equal quantities of water to each person at no cost to the consumers

If consumers were forbidden to trade water, would such a distribution be Pareto optimal? A) Yes, because each person has the same amount of water as everyone else. B) Yes, because everyone would be receive their water for free. C) Not necessarily, as people may differ in their marginal rates of substitution between water and other goods. D) It is impossible to determine without knowing the price of water. E) none of the above