A straight-line production possibilities frontier indicates that ___
Fill in the blank(s) with the appropriate word(s).
opportunity costs are constant.
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The real wage can increase only if the nominal wage increases
a. True b. False
Which of the following is included in the investment category under the expenditure approach to GDP accounting?
a. stocks b. bonds c. durable goods d. additions to business inventories
Suppose that consumption spending is $4,200 billion, spending on durable goods is $1,200 billion, and spending on services is $2,000 billion. What does spending on nondurable goods equal?
A) $7,200 billion B) $1,000 billion C) $2,200 billion D) $3,200 billion E) There is not enough information to answer this question.
If the average price level rises from 120 in year 1 to 130 in year 2, the inflation rate between years 1 and 2 will be:
What will be an ideal response?