Kari lives in a country where economic growth has been flat for the past eight years, but the population has increased by 2 percent over this same period. What has most likely happened in Kari’s country?
a. Wages have declined by 2 percent.
b. The standard of living has declined.
c. The GDP per capita has increased.
d. The nation’s production of goods has increased steadily.
b. The standard of living has declined.
Economics
You might also like to view...
In the current account, the largest category of international transactions is
A) imports. B) international investment. C) statistical discrepancy. D) net interest. E) net transfers.
Economics
When the government chooses to use resources to build a dam, these sources are no longer available to build a highway. This choice illustrates the concept of
A) a market mechanism. B) macroeconomics. C) opportunity cost. D) a fallacy of composition.
Economics