What a buyer pays for a unit of a specific good or service is called:
a. debit.
b. MSRP.
c. cost.
d. price.
d. price.
What a buyer pays for a unit of a specific good or service is called price.
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When there are sustained increases in real GDP over time, we say that the economy is undergoing
A) a recession. B) economic growth. C) massive changes in productive capacity. D) economic stagnation.
The nominal interest rate is 12 percent and the inflation rate is 4 percent. The opportunity cost of holding a dollar for a year is
A) 16 cents. B) 88 cents. C) 48 cents. D) 12 cents. E) 8 cents.
Consider an apple orchard owner deciding how to incentivize his fruit pickers to get them to pick more apples he should:
a. To pay the pickers per pound of apples picked b. To pay the pickers an hourly rate c. To pay the pickers an hourly rate plus a bonus d. To not pay the pickers
If the economy spends 80 percent of any increase in real GDP, then an increase in investment of $1 billion would result ultimately in an increase in real GDP of:
a. $0. b. $0.8 billion. c. $1.0 billion. d. $5.0 billion.