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.
This chart illustrates the four quadrants in which we can place the relationships between the state
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GDP per Capita by Country Group, 1820–2008
Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011
Determine the # of real roots from the equation