Refer to the above data. Real GDP in year 4 was approximately:
$3,494 billion
$3,989 billion
$3,562 billion
$3,774 billion
$3,562 billion
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The largest component of aggregate spending is government spending.
Answer the following statement true (T) or false (F)
A firm that is not maximizing profits
A) would never be able to operate in the United States. B) must not be owned by stockholders. C) may find it difficult to raise financial capital from external capital markets. D) is likely to face legal prosecution from the Department of Commerce.
At any quantity at which the demand curve lies above the supply curve,
a. economic efficiency is achieved b. the cost of producing the last unit exceeds its value to some consumer c. marginal cost exceeds the market price d. the market is Pareto efficient e. the value of the last unit to some consumer exceeds the cost of producing it
Each firm's capital stock is fixed in the short run. Therefore, if the price of capital increases, then in the short run the market demand curve for labor in a perfectly competitive market will
a. shift inward. b. be unaffected. c. shift outward. d. change slope.