If real GDP is greater than nominal GDP for a particular year, then
A) production must have fallen between the current year and the base year.
B) production must have increased between the current year and the base year.
C) prices must have fallen between the current year and the base year.
D) prices must have risen between the current year and the base year.
E) prices must have fallen between the current year and the immediate past year.
C
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Refer to the figure above. What is the opportunity cost of producing one computer program?
A) 0.2 Web sites B) 5 Web sites C) 8 Web sites D) 12 Web sites
Public policies designed to increase labor productivity do not include
a. subsidies for higher education. b. tax breaks for job retraining. c. tax breaks on corporate dividends. d. public education.
The price of wheat used to make cereal has increased. At the same time, the price of milk (a compliment good) has decreased. Given these two events, what do you expect to happen to the equilibrium price and quantity of cereal?
What will be an ideal response?
Which of the following is NOT true about indifference curves?
A) Indifference curves slope downward. B) Indifference curves show equally preferred combinations of two goods. C) Indifference curves are not straight lines because the marginal rate of substitution falls. D) Indifference curves shift when prices change.