If real GDP grows from $10 trillion in 2002 to $10.5 trillion in 2003, the growth rate for real GDP is
A) 5%.
B) 10%.
C) 50%.
D) 0.5%.
A
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Garbage is scarce because it is abundant
a. True b. False Indicate whether the statement is true or false
If the price of inputs rises and personal income taxes rise:
a. Price index falls, and real GDP falls. b. Price index falls, and the change in real GDP is uncertain. c. The change in price index is uncertain, and real GDP rises. d. The change in price index is uncertain, and real GDP falls. e. Neither the price index nor real GDP changes.
Suppose that the wage for musicians decreases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.
A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease
Refer to the above table. At what quantity of labor does it become obvious that the law of diminishing marginal product has set in?
A. worker number 4 B. worker number 3 C. worker number 21 D. worker number 5