If the Real GDP of a Country in 2011 Was

question 135

Multiple Choice

If the real GDP of a country in 2011 was 300 billion,its price index was 108.3,and its population was 150 billion,then real GDP per capita for that year was:​

• A)0.5 billion.
• B)1 billion.
• C)8.3 billion.
• D)258.3 billion.
• E)2 billion.

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Definitions:

Total Product Curve

A graph that illustrates the total quantity of output produced by a firm as a function of the total quantity of a single input used, holding all other inputs constant.

Variable Input

Any production input that can be varied in the short term to increase or decrease output, such as labor or raw materials.

Output

The total amount of goods or services produced by a company or country.

Marginal Product Curve

A graphical representation showing how the additional output of a firm varies with the addition of one more unit of a variable input, holding all other inputs constant.