If nominal GDP increased, which of the following could also have occurred?
a. Both prices and real GDP decreased.
b. Prices remained the same and real GDP decreased.
c. Prices decreased and real GDP remained the same.
d. Prices increased and real GDP decreased.
e. Both prices and real GDP remained the same.
D
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USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased. B. average product of labor increased. C. average product of capital fell. D. marginal product of capital fell.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
When an increase in the price of one good lowers the demand for another good, the two goods are called complements
a. True b. False Indicate whether the statement is true or false
A registered nurse in Tulsa, Oklahoma makes a lower wage than an equally skilled registered nurse in San Francisco. This is an example of a compensating differential.
Answer the following statement true (T) or false (F)