GDP is an indicator of a society’s standard of living, but it is only a rough indicator.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. GDP is an indicator of a society’s standard of living, but it is only a rough indicator.
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Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $10, we would expect that
A) price will increase until quantity demanded equals quantity supplied. B) demand will decrease until quantity demanded equals quantity supplied. C) supply will increase until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.
When gasoline prices rose in the early 2000s, the demand for SUVs fell. An economist would predict that SUV prices would decline or at least not rise as quickly.
Answer the following statement true (T) or false (F)
Net exports are:
For a given level of output, the short-run total cost of production
a. always falls below the long-run total cost of production b. always exceeds the long-run total cost of production c. always equals the long-run total cost of production d. may exceed or equal the long-run total cost of production e. may exceed or fall below the long-run total cost of production