Author Question: Per capita real GDP is a questionable indicator of the state of the economy because it does not ... (Read 37 times)

ericka1

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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.



cascooper22

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Answer to Question 1

c

Answer to Question 2

d



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