If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125
a. True
b. False
Indicate whether the statement is true or false
True
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What is the optimal level of provision of a public good?
What will be an ideal response?
Which will be TRUE for a monopolistic competitor experiencing short-run losses?
A. P < ATC B. P < MC C. P > ATC D. P = ATC
Basic differences between Medicare and Medicaid include the following, except:
A. Medicare is financed by a payroll tax, while Medicaid is financed by general tax revenues B. Medicare is a Federal program while Medicaid is a state-government program C. Medicare is mostly based on age, while Medicaid is mostly based on income D. Medicare is a social insurance program, while Medicaid is a public assistance program
Refer to Figure 7.5. Which diagram represents isoquants for a Cobb-Douglas production function?
A. A
B. B
C. C
D. D