The calculation of GDP would include
What will be an ideal response?
Answer: the income of a high school English teacher
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Relative to the Keynesians, the supply-side economists
a. place more emphasis on the importance on the level of investment than on the level of income. b. place more emphasis on the after-tax rate of return as a determinant of investment. c. are more concerned with government budget deficits. d. All of the above
Suppose the figure below illustrates the demand curve facing a monopolist. 
At a price of $8 per unit, the total revenue for this monopolist is ________ per day, and the marginal revenue earned from the last unit sold is ________.
A. $3,200; $8 B. $3,200; $0 C. $3,200; $4 D. $8; $8
The MR = MC rule applies:
A. in the short run but not in the long run. B. in the long run but not in the short run. C. in both the short run and the long run. D. only to a purely competitive firm.
Which of the following is a true statement about real and nominal GDP?
A) If nominal GDP increases from one year to the next, we know that production of goods and services has risen. B) Nominal GDP is a better measure than real GDP in comparing changes in the production of goods and service year after year. C) Increases in average prices do not affect the calculation of nominal GDP. D) If real GDP increases from one year to the next, we know that production of goods and services has risen.