The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law
Indicate whether the statement is true or false
TRUE
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Since real GDP is adjusted for inflation and nominal GDP is not, nominal GDP must always be higher than real GDP. Do you agree or disagree? Why?
What will be an ideal response?
Does it make sense to consider the returns to scale of a production function in the short run?
A) Yes, this is an important short-run characteristic of production functions. B) Yes, returns to scale determine the diminishing marginal returns of the inputs. C) No, returns to scale is a property of the consumer's utility function. D) No, we cannot change all of the production inputs in the short run.
Economic growth may understate changes in standards of living if
A) the growth is accompanied by increasing congestion. B) leisure time is also increasing. C) the types of jobs generated feelings of alienation. D) deflation is taking place.
The equation of exchange states that the money value of GDP must be equal to the product of the money stock times its velocity
a. True b. False Indicate whether the statement is true or false