Suppose that nominal GDP did not change in 2011, and real GDP decreased, relative to the year 2010 . It can be concluded that:
a. total production of goods and services in the economy did not change in 2011.
b. the economy experienced deflation during 2011
c. the price level did not change during 2011.
d. total production of goods and services in the economy declined during 2011.
d
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Which of the following cannot be used to justify efficiency wages
a. Sticky price (menu cost) models b. turnover costs c. worker shirking d. worker morale
Between 1810 and 1860, the value of slaves in the United States
a. nearly doubled. b. tripled. c. increased nearly fourfold. d. increased nearly tenfold.
Price controls on resources generally lead to surpluses
a. True b. False Indicate whether the statement is true or false
Curly told Larry about his new business venture: Curly pays Acme International $1,000 per month for supplies, works out of his apartment on his own computer and earns a monthly revenue of $1,500. Should Larry quit his job and do what Curly is doing?
A. Not if Larry is earning more than $500 per month at his current job. B. Yes, as long as Larry can work out if his apartment and owns a computer. C. Yes, as long as Larry has at least $1,000 in savings to get started. D. Not unless Larry can borrow the $1,000 monthly payment at no interest.