Real GDP Per Capita Is Found by

question 110

Multiple Choice

Real GDP per capita is found by

• A)adding real GDP and population.
• B)subtracting population from real GDP.
• C)dividing real GDP by population.
• D)dividing population by real GDP.

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Definitions:

Marginal Cost Curve

It illustrates the change in total cost that arises when the quantity produced is incremented by one unit; this is the cost of producing one additional unit of a good.

Short-Run Supply

The supply provided by firms in the short term when at least one input, usually capital, is fixed.

Economic Profit

The contrast between the aggregate income and complete costs, both visible and unseen, of a company.

Market Price

The current price at which an asset or service can be bought or sold in a competitive marketplace.