An increase in the dollar price of the English pound will cause a ____ in the pound price of the dollar.
Fill in the blank(s) with the appropriate word(s).
decrease
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Refer to above Table 2-2. What is the nominal GDP in year 2?
A) $18.60 B) $14.60 C) $18.00 D) 400 units
Consider the following statements when answering this question
I. If the cost of producing each unit of output falls $5, then the short-run market price falls $5. II. If the cost of producing each unit of output falls $5, then the long-run market price falls $5. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
When the long-run aggregate supply curve shifts right, it represents:
A. economic growth. B. pushing our economy beyond normal capacity. C. an unemployment rate of zero. D. negative inflation.
An example of a service counted in this year's GDP is
a. buying shampoo to give your pet a bath b. cleaning your house c. trimming your own hair d. hiring a gardener to weed your garden e. polishing your friend's car as a friendly gesture