Based on the notation presented in Chapter 2, which of the following expressions represents nominal GDP?
A) Yt
B) PtYt
C) Yt/Pt
D) $Yt/Pt
B
You might also like to view...
Suppose the overall MPC is 0.75 and the marginal propensity to import is 0.25. A $4 billion increase in U.S. exports will lead to a ________ increase in GDP
A) $6 billion B) $8 billion C) $12 billion D) $16 billion
You and two partners start a company. However, your partners play no role in running the company. You spend all your time managing the business. The time that you could have spent working for someone else and earning wages instead of running the business is your: a. explicit cost
b. marginal cost. c. sunk cost. d. opportunity cost.
One common example of a price ceiling is rent control
a. True b. False Indicate whether the statement is true or false
The general monitoring problem implies that:
A. government must intervene to protect national goals. B. competition will ensure common goals among the owners and managers of a firm. C. profit maximization should always be a firm's goal. D. there is a cost of supervising employees so that they work toward the owner's goals rather than their own.