If nominal GDP rises:
A. real GDP may either rise or fall.
B. we can be certain that the price level has risen.
C. real GDP must fall.
D. real GDP must also rise.
A. real GDP may either rise or fall.
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Jobs lost to outsourcing can be partially offset by jobs gained from
A) increased output from another industry. B) greater trade imbalances. C) higher opportunity costs. D) higher production costs.
The inside lags for monetary policy are relatively long compared to those for fiscal policy
Indicate whether the statement is true or false
Concepts of equity are important because they provide some criteria for evaluating the fairness of a tax system
a. True b. False
Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max is currently at point e,
A) his MRS is less than the trade-off offered by the market. B) he is willing to give up more burger than he has to, given market prices. C) he is not maximizing his utility. D) All of the above.