What is the term used to discuss production expenses that do not change with output, such as building lease payments or monthly insurance premiums?
a. indirect costs
b. implicit costs
c. fixed inputs
d. variable inputs
c. fixed inputs
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If the demand curve is unit elastic, this implies that:
a. consumers do not react to a change in product price. b. the good can only be purchased in units of 1. c. this good has no good substitutes. d. the good is a basic food staple. e. the percentage change in the quantity demanded = the percentage change in product price.
In general, the accounting of trade in goods and capital is known as the:
A. balance of trade. B. net capital outflow. C. balance of payments. D. trade surplus.
In the short run, an increase in real GDP will
a. increase unit costs and increase the price level b. increase unit costs and decrease the price level c. decrease unit costs and decrease the price level d. decrease unit costs and increase the price level e. have no effect on unit costs or the price level
Using the rule of 72, determine how long it would take for real GDP to double if it grew at a constant growth rate of 4 percent.
A. 72 years. B. 144 years. C. 4 years. D. 18 years.