The Best Measure of How Much Output the Average Person

question 36

Multiple Choice

The best measure of how much output the average person would get if all output were divided evenly among the population would be

• A)GDP.
• B)The economic growth of the economy.
• C)Per capita GDP.
• D)The capital stock of the economy.

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Definitions:

Differentiation

Distinguishing the offerings of an organization in a way that the customer perceives as adding value.

Low Cost

The strategy or condition of offering products or services at a lower price than competitors, aimed at attracting consumers or achieving higher sales volumes.

Rapid Response

The ability to react quickly and effectively to unforeseen circumstances or emergencies.

Modular Design

A design approach that subdivides a system into smaller parts or modules that can be independently created and then used in different systems to drive multiple functionalities.