Which of the following is the best indicator of standard of living?
a. Nominal GDP
b. Real GDP
c. Real GDP per capita
d. Productivity
e. Productivity per unit of labor
c
Economics
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On an isoquant/isocost graph, the least cost input combination of producing a given output is
A) given by the tangency between the isoquant curve and the isocost line. B) any point on the isocost line. C) any point on the isoquant curve. D) one of the intercept values on the graph.
Economics
Which of the following is closest to the economist's definition of perfect competition?
a. the airline industry b. the soft drink industry c. the fishing industry d. cellular telephone service
Economics