Other things constant, if the population decreases and GDP remains unchanged,
A) real GDP necessarily decreases.
B) per capita GDP necessarily increases.
C) per capita GDP necessarily decreases.
D) real GDP necessarily increases.
B
Economics
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Elasticity is
a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good. d. the value of everything a seller must give up to produce a good.
Economics
An economy has two workers, Paula and Ricardo. Everyday they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Ricardo to produce one computer?
A. 4 shirts B. 2 shirts C. ½ shirt D. ¼ shirt
Economics