Per capita GDP is the most practical way to:
A. Measure how much income households receive.
B. Measure how much output can be consumed on a sustainable basis.
C. Measure how much output is potentially available to the average person.
D. Analyze the growth rate of the economy over time.
Answer: C. Measure how much output is potentially available to the average person.
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A consumer has maximized his or her utility by consuming
A) at the midpoint of the budget constraint line. B) at the midpoint of the demand curve. C) so that the total utility of all goods consumed is the same. D) so that the ratio of marginal utility to price is the same for all goods consumed.
The short-run aggregate supply curve shows that a change in inflation will cause (a) change(s) in ________
A) output B) potential output C) expected inflation D) price shocks E) all of the above