-The Relative Price of a Magazine in the Above Figure

question 285

Multiple Choice

-The relative price of a magazine in the above figure is

• A) 0.5 of a hamburger per magazine.
• B) 1 hamburger per magazine.
• C) 1.33 hamburgers per magazine.
• D) 8 hamburgers per magazine.

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Definitions:

Gross Domestic Product Per Capita

A measure of a country's economic output that accounts for its number of people, reflecting the average income of a country's citizens.

Capital

A resource that can serve to generate wealth, such as factories, equipment, investment accounts, software, land, and education.

Gross Domestic Product Per Capita

A measure of a country's economic output that accounts for its number of people, essentially the average economic output per person.

Net National Income Per Capita

A measure that represents the total income of a nation divided by its population, indicating the average income per person.