Janet calculated the GDP growth rates for France between 2012 and 2013. Using 2012 prices for both years, GDP increased 5 percent. Using 2013 prices for both years, GDP increased 1 percent
Hence the chained-price method will calculate that between these years, real GDP increased by
A) 3 percent. B) 4 percent. C) 1 percent. D) 5 percent. E) 6 percent.
A
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The solvency of Social Security can be extended if
A. the trust fund invests in government bonds. B. the retirement age is reduced. C. the cap on taxable earnings is lowered. D. the tax rate is increased.
In the figure above, diminishing marginal utility is shown by
A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves.
________ are costs that do not require a monetary payment.
A. Implicit costs B. Explicit costs C. Accounting costs D. All opportunity costs
In a binding situation, equilibrium is where the IS curve crosses the interest rate at zero.
Answer the following statement true (T) or false (F)