Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____
a. the average citizen's standard of living in a nation
b. the quality of labor in a nation
c. the distribution of income in a nation
d. the quality of life people experience in a nation
e. economic activity in a nation
e
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Which of the following statements is true of the U.S. economy in the last 200 years?
A) The growth rate of GDP has been more than 10% per year. B) The GDP per capita has decreased. C) The GDP per capita has increased. D) There has been no contraction in the economy.
Capital is a factor of production. Which of the following is an example of capital?
i. $1,000 in money ii. 100 shares of Microsoft stock iii. $10,000 in bonds issued by General Motors iv. a drill press in your local machine shop A) i and ii B) ii only C) iv only D) iii only E) ii and iii