The __________ summarizes the output of the business, given the level of inputs.
A. average cost
B. marginal function
C. marginal revenue
D. production function
Answer: D
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The main policy-making organ of the Federal Reserve System is
A) the Board of Governors. B) the Federal Reserve branch banks. C) the Federal Reserve chairman and the Federal Reserve branch bank presidents. D) the Federal Open Market Committee.
Competitive firms have
a. downward-sloping demand curves, and they can sell as much output as they desire at the market price. b. downward-sloping demand curves, and they can sell only a limited quantity of output at each price. c. horizontal demand curves, and they can sell as much output as they desire at the market price. d. horizontal demand curves, and they can sell only a limited quantity of output at each price.
In 2011 a country had a real GDP of $13.89 trillion and GDP deflator of 110 . In 2012 it had a nominal GDP of $17.8 trillion and real GDP of 14.24 trillion. What is the rate of inflation in 2012?
Discuss the components of GDP using the expenditure approach.
What will be an ideal response?