If the prices of imported resources increase, then aggregate supply will decrease.
Answer the following statement true (T) or false (F)
True
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If MU = MC = P, an economist can judge with certainty that the distribution of output is
A. fair. B. equal. C. unbiased. D. efficient.
Tom Atoe grows fruits and vegetables for home consumption. This activity is:
a) excluded from GDP in order to avoid double counting. B) excluded from GDP because an intermediate good is involved. c) productive but is excluded from GDP because no market transaction occurs. d) included in GDP because it reflects production.
In the contemporary United States, labor productivity has been growing at approximately
A. 1.5 percent per year B. 2.0 percent per year. C. 2.6 percent per year. D. 3.9 percent per year.
High rates of unemployment:
A. Indicate that society is not using a large portion of the talent and skills of its people B. Are associated with higher price levels C. Always correspond to a decrease in nominal GDP D. Do not affect an economy's output of goods and services