Nominal GDP is
A. also called real GDP.
B. a more accurate measure than real GDP.
C. real GDP adjusted for changes in the price level.
D. GDP measured in current prices.
Answer: D
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The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?
The concentration ratio is the percentage of ___ earned by the ___ largest firms in the industry.
A. sales; four B. sales; ten C. profits; four D. profits; ten
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
A. firm 2 will enjoy higher profits. B. firm 1 will reduce its output. C. firm 2 will gain market share. D. All of the statements associated with this question are correct.
Which of the following statements is correct?
A. Saving is high in less developed nations because the opportunities for consumption are limited B. For developing nations, the annual rate of population increase is about 5 percent C. Most of the labor forces of developing nations are engaged in light industrial production D. Investment is low in developing nations, making it difficult to increase productivity and incomes