Which of the following statements is true?
A) The GDP per capita has almost been constant since the beginning of the 20th century in most of the western world.
B) The average GDP per capita of a nation at a particular point of time is not the same as the income of all individuals in that nation.
C) GDP per capita decreases with a decrease in population and increases with an increase in population, GDP remaining unchanged.
D) GDP per capita is a useful to tool to study the disparities in standards of living in a country.
B
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Many student government candidates at colleges and universities propose rent controls on local rental housing as a way to help students afford rental housing. Economic theory suggests that this policy would harm students as a whole despite the fact that some students who are able to find housing at the reduced price would benefit. Which of the following are some of the offsetting secondary
effects of the rent controls that would work to the disadvantage of students? a. There would be a shortage of rental housing, making it very difficult for students to find places to rent and causing increased discrimination in the rental housing market. b. There would be a reduction in the quality of rental housing. c. There would be a reduction in the future supply of rental housing. d. All of these would be secondary effects of the rent controls.
Macroeconomic equilibrium is always good, because:
a. Actually, macroeconomic equilibrium can be either good or bad. It is not always good. b. Because it is the only place where actual demand equals actual supply. c. Because it is the only place where planned demand equals planned supply. d. None of the above. e. It gives the nation a breather and allows it to catch up with itself economically.