If real GDP is greater than nominal GDP for a particular year, then
What will be an ideal response?
prices must have fallen between the current year and the base year.
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Figure 10-1
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If the profit-maximizing firm depicted in Figure 10-1 is perfectly competitive, how much output should it produce?
A. A B. B C. C D. D
The difference between a good and a service is that
a. a good helps satisfy unlimited wants; a service does not b. a service helps satisfy unlimited wants; a good does not c. a services is available in unlimited quantities; a good is not d. a good is available in unlimited quantities; a service is not e. a good is tangible; a service is not
The following list contains items that are related to aggregate demand and/or aggregate supply.1)Government Spending 2)Consumer Expectations 3)Degree of Excess capacity 4)Personal Income Tax Rates 5)Productivity 6)National Income Abroad 7)Business Taxes 8)Domestic Resource Availability 9)Price of Imported Products 10)Profit Expectations on Investments Refer to the above list. A change in which factor is most likely to change both aggregate demand and aggregate supply?
A. 5 B. 3 C. 7 D. 9
Which of the following would increase the total amount of trade in the world?
A. trade deflection B. rules of origin C. trade retention D. trade diversion