GDP is a measure of an economy's:
A. domestic productivity.
B. total output.
C. domestic price level.
D. level of unemployment.
Answer: B
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Average variable cost is
a. the change in cost as output decreases b. the change in cost as output increases c. TC / quantity of output d. TVC / quantity of output e. AFC + AVC
Suppose the following situation exists for an economy: Kt+1/N < Kt/N. Given this information, we know that
A) saving per worker equals depreciation per worker in period t. B) saving per worker is less than depreciation per worker in period t. C) saving per worker is greater than depreciation per worker in period t. D) the saving rate fell in period t. E) none of the above
The situation where one person's demand for a good depends on the consumption of the good by others is called a
A) network externality. B) network internality. C) consumption externality. D) production externality.
Does Keynes' law apply more accurately in the long run or the short run?
What will be an ideal response?