According to the BEA, in the second quarter of 2011 nominal GDP was $15 trillion and in the second quarter of 2012 nominal GDP was $15.6 trillion. Based solely on this information, from the second quarter of 2011 to the second quarter of 2012
A) real GDP may have increased, decreased, or stayed the same.
B) real GDP definitely increased.
C) real GDP definitely decreased.
D) prices definitely increased.
A
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Suppose the country of Tiny Town decided to open its borders to free trade. As a result, a number of its workers lost their jobs to international competition and can't find new jobs because their skills don't match what is required for job openings
The workers who lost their jobs and searched for new ones are best be considered part of A) frictional unemployment. B) structural unemployment C) cyclical unemployment. D) discouraged workers.
A(n) ____ is a price taker
a. monopoly firm b. oligopoly firm c. perfectly competitive firm d. monopolistically competitive firm e. duopoly firm
The long-run average cost curve is the ______ of all of the firm's _____.
A. lower envelope; isocost lines B. level curve; short-run average cost curves C. sum; marginal cost curves D. lower envelope; short-run average cost curves
A stock is:
A. a payment made periodically to all shareholders of a company. B. a financial asset that represents partial ownership of a company. C. an agreement in which a lender gives money to a borrower in exchange for a promise to repay the amount loaned plus an agreed-upon amount of interest. D. a promise by the bond issuer to repay the loan, at a specified maturity date, and to pay periodic interest at a specific percentage rate.