Real gross domestic product
A.
Is a measure of inflation
B.
Will increase if there is an increase in the price level
C.
Will increase if there is an increase in the level of output
D.
Can change from one year to the next even if there is no change in output
C.
Will increase if there is an increase in the level of output
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Under the Patient Protection and Affordable Care Act (ACA), residents who do not have health insurance will not be allowed to seek employment
Indicate whether the statement is true or false
One implication of the fact that profit functions are convex in prices is that firms will always prefer:
a. stable input and output prices. b. input and output prices that fluctuate about a given level. c. stable input prices and fluctuating output prices. d. fluctuating input prices and stable output prices.
Which one of the following will shift the consumption function upward?
a. Higher interest rates. b. An increase in real assets. c. Expectations of future economic growth. d. Lower capacity utilization rates. e. A tax increase.
Human capital contributes to growth because it helps workers in the economy:
A. produce more with the same amount of physical capital. B. work smarter. C. be more productive with their time. D. All of these are true.