Which of the following is not considered a factor of production?
A) money
B) capital
C) land
D) entrepreneurial ideas
E) labor
A
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Is it possible for nominal GDP to increase while real GDP does not change?
What will be an ideal response?
Why is there a supply point and not a supply curve for a monopolist?
a. A monopolist cannot affect the market price by changing its supply. b. A monopolist produces a homogeneous product having similar substitutes. c. A monopolist equates the price which it charges with its marginal cost. d. There is only one quantity and price at which a monopolist operates. e. A monopolist supplies to a large number of consumers.
Keynes believed that the combination of unplanned and alternating AD shifts reinforced by multiplier effects causes recurring business cycles.
Answer the following statement true (T) or false (F)
APC is equal to
A. The change in total saving divided by the change in total disposable income. B. Total consumption divided by total disposable income. C. Total saving divided by total disposable income. D. The change in total consumption divided by the change in total disposable income.