Real GDP is
A. the value of output in current dollars.
B. a misnomer since all GDP figures have to be in dollar values.
C. Nominal GDP corrected for changes in the average of overall prices.
D. the nominal value of all real goods produced in the nation in a year.
Answer: C
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At equilibrium, quantity demanded equals quantity supplied.
Answer the following statement true (T) or false (F)
The benefit (or satisfaction) that an individual expects to derive from an activity is called
a. opportunity cost. b. utility. c. marginal cost. d. scarcity.
Suppose a price-taking firm produces 400 units at its optimal output level. At that output rate marginal cost is $200, average total cost is $240, and average variable cost is $170 . What can you determine about the market price that would force the firm to shut down in the short run?
a. It equals $200. b. It is between $170 and $240. c. It is less than $170. d. It is between $170 and $200. e. It equals $240.
Refer to Exhibit 2-6. Which graph depicts the result of an increase in the number of immigrants entering the country in order to work?
 ANSWER 7.png)