Economic magnitudes measured at the prices actually paid are referred to as ________ magnitudes
A) "real"
B) "actual"
C) "nominal"
D) "unadjusted"
E) "gross"
C
You might also like to view...
Per-capita income of a country is determined by ________
A) multiplying its gross domestic product by the total number of goods produced during that year. B) dividing its gross domestic product by the total population of the country during that year. C) multiplying its gross domestic product by the total population of the country during that year. D) dividing its gross domestic product by the total number of goods produced during that year.
A perfectly competitive firm's marginal cost exceeds its marginal revenue at its current output. To increase its profit, the firm will
A) lower its price. B) raise its price. C) decrease its output. D) increase its output.
From an economic standpoint, _______________ includes all natural resources used in the production process.
a. labor b. supply c. capital d. land
Suppose a market were currently at equilibrium. A rightward shift of the supply curve would cause a(n)
A) increase in price but a decrease in quantity. B) decrease in price but an increase in quantity. C) increase in both price and quantity. D) decrease in both price and quantity.