Roughly how large is the difference between U.S. GDP and U.S. GNP?
A) Less than 0.1%
B) About 10%
C) About 20%
D) About 25%
E) About 55%
A
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced an expansion that lasted from:
A. May 1954 to April 1958. B. July 1953 to May 1954. C. July 1953 to April 1957. D. May 1954 to April 1957.
How does the labor-leisure trade-off determine the supply of labor?
What will be an ideal response?
A firm's demand for labor depends only on the price of labor
Indicate whether the statement is true or false
In a competitive market free of government regulation,
A. price adjusts until quantity demanded is less than quantity supplied. B. supply adjusts to meet demand at every price. C. price adjusts until quantity demanded is greater than quantity supplied. D. price adjusts until quantity demanded equals quantity supplied.