When the value of nominal GDP increases from one year to the next, we know that one or two things must have happened during that time:
A) The nation produced fewer goods and services and/or prices fell for goods and services.
B) Consumption expenditure increased and/or corporate profits increased.
C) Investment increased and/or payments to employees increased.
D) The nation produced more goods and services and/or prices rose for goods and services.
E) the value of real GDP must have increased and/or the price level must have decreased.
D
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What is an efficient way to study for an economics exam?
A) Attend every lecture and take copious notes. B) Read the assigned material once before each class and once after. C) Form study sessions with others in class. D) Put off everything and instead cram the night before the exam. E) Any of the above might be efficient, depending on one's perceived costs and benefits.
An increase in the level of government price supports for wheat will not make wheat farming more profitable because
A) by definition government actions cannot affect profits. B) it raises the cost of growing wheat as well as the revenue. C) profit is the consequence of certainty and government policies are inherently uncertain. D) the demand for wheat is inelastic. E) wheat farmers are price takers, not price searchers.
Given the exit rule, where does a firm's long-run supply curve derive from? It is the section of the:
A. ATC curve to the right of its minimum. B. MC curve that lies above the ATC curve. C. MC curve that lies above the AVC curve. D. AVC curve to the right of its minimum.
For every choice a person makes it can be assumed that
A. some opportunity cost was involved. B. a good is involved and satisfaction is gained. C. the chooser has full knowledge of the situation. D. there is a fifty-fifty chance the choice was the wrong one.