Looking at the _________ approach to GDP accounting, the largest component of GDP in 2003was _______
a. expenditure; government purchases
b. national; proprietor's income
c. national income; net interest
d. expenditure; personal consumption expenditures
e. expenditure; compensation of employees
D
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If real GDP increases over time, the cost of living will
A) always remain constant. B) always decrease. C) always increase. D) either remain constant or increase. E) More information is needed to determine how the cost of living changes.
Which of the following is a price floor?
A. a freeze on upward-moving gasoline prices B. rent controls C. minimum wage rates D. college tuition caps
Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A. diminishing marginal inputs. B. diminishing marginal workforce. C. diminishing marginal product. D. diminishing marginal utility.
In monopolistic competition, product improvement and development
A) are valued by the consumer at an amount equal to the costs the producers have incurred. B) yields a marginal benefit to the producer equal to price of the good. C) is less than its efficient amount. D) None of the above answers are correct.