Which of the Following Is Correct

question 64

Multiple Choice

Which of the following is correct?

• A)Although levels of real GDP per person vary substantially from country to country,the growth rate of real GDP per person is similar across countries.
• B)Productivity is not closely linked to government policies.
• C)The level of real GDP per person is a good gauge of economic prosperity,and the growth rate of real GDP per person is a good gauge of economic progress.
• D)Productivity may be measured by the growth rate of real GDP per person.

Describe the concept of regulatory capture and its implications on industry regulation and economic efficiency.

Analyze the impact of political behavior, including lobbying and vote trading (logrolling), on government decision making and policy outcomes.

Understand the concept of limited and bundled choice in elections and its implications for public choice.

Understand the differences between dispositional and situational attributions.

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Definitions:

Capital Goods

Long-term assets used by businesses to produce goods and services, such as machinery, buildings, and equipment.

Consumer Goods

Products bought by the final consumer for personal use.

Law of Increasing Opportunity Costs

An economic principle that states as production of a good or service increases, the opportunity cost of producing another unit also increases.

Particular Good

A specific item or product that satisfies consumers' needs or wants, distinguishable from general categories or types of goods.