The GDP deflator is designed to
a. adjust nominal GDP for changes in the unemployment rate.
b. adjust nominal GDP so as to include the problem of externalities.
c. adjust nominal GDP for changes in the price level.
d. calculate changes in the price of food and other consumer goods.
C
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The current income you would sacrifice to start your own lawn-cutting business is part of the
A) cost of doing business. B) present value of your initial investment. C) opportunity cost of invested funds. D) opportunity cost of starting a business.
With capital on the vertical axis and labor on the horizontal axis, vertical isoquants imply that
A) capital and labor are perfect substitutes. B) capital and labor must be used together in a certain proportion. C) capital is not productive. D) labor is not productive.
Figure 11-3
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In Figure 11-3, which line represents the change in the consumption schedule caused by an increase in the residential property tax?
A. C1 in graph (a) B. C2 in graph (a) C. C1 in graph (b) D. C2 in graph (b)
Intellectual property rights refer to rights an owner receives through ______.
a. libraries, schools, and training sites b. government-funded research projects c. buildings used for research or publishing d. patents, copyrights, and trademarks