The nominal GDP of a country is 13.4 percent higher than its real GDP. The value of the GDP deflator of the country is equal to _____
a. 134.0
b. 113.4
c. 130.4
d. 103.4
b
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Refer to the above figure. If flow (1) is the cost businesses pay to the resource market, then:
A. (4) is the flow of goods and services. B. (6) is the flow of money income. C. (7) is the flow of revenue. D. (2) is the flow of productive resources.
Downsizing is the practice of laying off workers in an attempt to decrease average total cost. Can laying off workers decrease average total cost? Is it possible for the firm to downsize and have its average total cost increase? Explain your answer
What will be an ideal response?
The payment received by suppliers of entrepreneurial skills is called interest
Indicate whether the statement is true or false
In the short run, a monopolistic competitor
A) produces at minimum efficient scale. B) produces where P = AC. C) sets P = MC. D) sets MR = MC.