Which of the following is a true measure of national output?
a. GDP at market price
b. Nominal GDP
c. GDP in current dollars
d. GDP in constant dollars
d
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Which of the following was the earliest type of money?
a. Coins b. Barter c. Commodity money d. Token money e. Fiat money
Minimum wage legislation
a. has little effect on university professors. b. raises incomes of unskilled laborers who have jobs. c. prevents some willing workers from getting jobs. d. All of the above are true.
Of the 500,000 people (age 16+) in a particular country, 300,000 people are in the labor force. Of these, 240,000 are employed and 60,000 are unemployed. What is the unemployment rate?
A. 35% B. 40% C. 20% D. 10% E. 30%
Refer to the above graph of a representative firm in monopolistic competition. What does line 1 represent?
A. Marginal cost B. Demand C. Marginal revenue D. Average total cost