Which part of this definition for GDP is incorrect? GDP measures the:
a. Market value of,
b. All final and intermediate goods and services,
c. Produced,
d. By domestically owned or foreign-owned resources,
e. Over a given period of time.
.B
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When a government must operate on a balanced budget, it means that there is no ________ or ________
A) unemployment; special taxes B) surplus; deficit C) bonds being issued; purchased D) borrowing; printing of money
Interest rate fluctuations
A) are usually not considered to be of much importance and are largely ignored by the Fed. B) have the paradoxical effect of increasing the rate of economic growth. C) make it difficult for households and firms to plan for the future. D) have largely been eliminated by the Fed during the past two decades.
If input costs remain the same as industry output expands, what would you expect to be the long-run impact of an increase in demand on an industry currently in long-run equilibrium? a. There will be more firms but the price will remain the same. b. There will be fewer firms but the price will remain the same. c. There will be more firms and the price will increase
d. There will be fewer firms and the price will decrease.
If a production process exhibits diminishing returns, then as output rises:
A. total revenue will eventually decrease. B. average total cost will eventually decrease. C. marginal cost will eventually increase. D. total fixed cost will eventually increase.