Refer to the diagram that applies to a private closed economy. If gross investment is I g1 , the equilibrium GDP and the level of consumption will be:
A. H and HB respectively.
B. J and JI respectively.
C. J and JK respectively.
D. H and HF respectively.
D. H and HF respectively.
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If nominal GDP is $18 trillion and real GDP is $3 trillion, the GDP deflator is
A. 6. B. 21. C. 54. D. 600.
The value of marginal product of labor
A) is the change in total product that results from selling one more unit of a good. B) is equal to the price of the good produced multiplied by the marginal product of labor. C) is equal to marginal revenue multiplied by the quantity. D) increases as the amount of labor employed increases.
According to the table shown, fixed costs must be:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. $10.
B. $200.
C. $60.
D. Fixed costs cannot be determined by the information in the table.
If the opportunity cost is 2X = 1Y for country A and 1X = 3Y for country B, then a possible terms of trade is:
A) 1X = 1/3Y. B) 1X = 1/4Y. C) 1X = 1/5Y. D) 1/2X = 1Y.