Per capita real GDP is a questionable indicator of the state of the economy because it does not account for:
a. growth of national income.
b. changes in inflation.
c. income distribution.
d. changes in the size of the population.
e. changes in the level of output.
Question 2
If the elasticity of demand coefficient for a good is 6 (in absolute terms), we know:
a. that for every 1 increase in quantity, there will be a 6 increase in price.
b. that for every 1 increase in quantity, there will be a 6 decrease in price.
c. that for every 6 increase in quantity, there will be a 1 increase in price.
d. that for every 6 increase in quantity, there will be a 1 decrease in price.
Before the stick is broken, it must first be bent (the transition state).
A typical malfunction indicator lamp (MIL) often labeled “check engine.”
Per capita annual alcohol consumption (2005)
Natural Capital versus GDP per Capita
Determination of Steady-State Weight
Sketch the graph of each function using transformations. State the domain and range.