Refer to the data. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:
Assume an economy that is producing only one product. Output and price data for a three-year period are as follows. Answer the question on the basis of these data.
A. $180 and $30.
B. $30 and $5.
C. $180 and $120.
D. $120 and $100.
C. $180 and $120.
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Older workers are:
A. Much more likely to migrate than younger workers because older workers have lower moving costs B. Much less likely to migrate than younger workers because older workers are more likely to have children at home C. Much more likely to migrate than younger workers because older have lower implicit costs of migrating D. Much more likely to migrate than younger workers because younger workers have stronger roots and ties to the local community
The Pullman strike of 1894
a. resulted in management's agreement to negotiate with the labor union. b. received widespread support from the American public. c. was led by Eugene V. Debs. d. became a model for later attempts by unions peacefully organize. e. All of the above.
One of the most crucial ideas in macroeconomics is understanding that:
A. zero unemployment is the best way to achieve economic growth. B. measuring total expenditures or total income both equal total production of an economy. C. prolonging economic downturns can be prolonged by fiscal policy. D. GNP is the most commonly used measurement of total production.
A monopolistic competitor faces a horizontal demand curve
a. True b. False Indicate whether the statement is true or false