Can nominal GDP decrease when the price level remains the same?
A) No, it is not possible.
B) Yes, but only if real GDP decreases.
C) Yes, but only if real GDP increases.
D) Yes, but only if real GDP remains the same as well.
B
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When there is a change in the quantity demanded it means that
A) the selling price of the products has not changed. B) the number of products in inventory have increased. C) the hours the customer can buy products each day have increased. D) the quantity a consumer is willing to buy changes when the price changes.
You are running a small yard maintenance business for the summer. What do you expect to happen to the number of yards you can maintain in a day as you add workers if you don't purchase more capital equipment (like mowers and leaf blowers)?
What will be an ideal response?
The requirement that certain professionals possess a license in order to work in a particular market has the effect of reducing the supply of those services, which in turn causes:
A) price and the profits of firms in the market to increase. B) price and the profits of firms in the market to decrease. C) price to increase and the profits of firms in the market to decrease. D) price to decrease and the profits of firms in the market to increase.
Once the President submits his budget to Congress, there is little that the members of the House and Senate can do to change the budget
a. True b. False