The labor force participation rate of women in the United States has been
a. increasing for several decades and this has strongly affected GDP.
b. decreasing for the past several decades after increasing dramatically in the early 1900s.
c. approximately constant during the last three decades.
d. decreasing since the early 1900s.
a. increasing for several decades and this has strongly affected GDP.
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Refer to Figure 2-8. The linear production possibilities frontier in the figure indicates that
A) Vidalia has a comparative disadvantage in the production of roses. B) it is progressively more expensive to produce orchids. C) Vidalia has a comparative advantage in the production of orchids. D) the tradeoff between roses and orchids is constant.
Why does Philip Morris produce so many different kinds of cigarettes?
Other things equal, when the price of a good falls, the
a. quantity supplied of the good increases. b. supply decreases. c. quantity supplied of the good decreases. d. demand increases.
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data. year units of output price per unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 Refer to the above data. For the years shown, the growth of:
a) real GDP has exceeded the growth of nominal GDP. b) nominal GDP accurately reflects changes in real output. c) nominal GDP overstates increases in real output. d) nominal GDP understates increases in real output.