If you're interested in measuring changes in people's standards of living, the most appropriate measure to use is the growth in the nation's
a. nominal GDP
b. real GDP
c. capital-output ratio
d. capital stock
e. employment
B
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If capacity utilization by businesses remains constant, investment spending is likely to be the most volatile component of aggregate expenditures in the United States
a. True b. False Indicate whether the statement is true or false
A fixed exchange rate is an exchange rate whose value:
A. reflects the comparative advantage of the home country versus other foreign countries. B. is established annually by the International Monetary Fund. C. varies according to supply and demand for the currency in the foreign exchange market. D. is set by official government policy.
The opportunity cost of moving from point T to point Q would be
A. giving up trips around the world.
B. giving up heart transplants.
C. gaining trips around the world.
D. gaining heart transplants.
Refer to the above graph of a representative firm in monopolistic competition. What does line 3 represent?
A. Marginal revenue B. Demand C. Average total cost D. Marginal cost