Movements in GDP
A) differ greatly from movements in GNP.
B) do not differ greatly from movements in GNP.
C) are not allowed to differ at all from movements in GNP by definition.
D) need to be inflation adjusted in order to match movements in GNP.
E) are not relevant to an examination of national income.
B
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If there is a decrease in market demand for a product exchanged in a perfectly competitive industry, it results in an industry contraction that will end when the product price is
A. less than the marginal cost faced by the firms. B. greater than the marginal cost faced by the firms. C. equal to the marginal cost faced by the firms. D. greater than the average cost faced by the firms.
Which of the following would be most likely to induce Congress and the president to conduct expansionary fiscal policy? A significant
A) increase in net exports. B) decrease in investment spending. C) decrease in oil prices. D) increase in consumption spending.
If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. demand will be relatively lower at any wage. B. demand will be relatively greater at any wage. C. supply will be relatively lower at any wage. D. supply will be relatively greater at any wage.
If product price increases, then:
A. MP will increase. B. MFC will increase. C. MRP will increase. D. MP will decrease.