How does real gross domestic product (GDP) differ from nominal GDP?
A. Nominal GDP controls for price changes, while real GDP does not.
B. Real GDP controls for price changes, while nominal GDP does not.
C. Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison.
D. There is no difference between nominal GDP and real GDP.
Answer: B
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal product of the fourth unit of the resource is
A. $15. B. $18. C. $27. D. $45.
Describe what took place during the Industrial Revolution
What will be an ideal response?
Which of the following is TRUE about monopolistic competition?
A) One firm serves as the entire industry. B) A small number of firms serve the entire market. C) It is competition among many firms producing similar but differentiated products. D) The pattern of production and trade is difficult to predict. E) It enjoys no economies of scale.
The output-capital ratio (Y/K) depends on the following four determinants. Which determinant of these four is most likely to be affected by government growth policy?
A) the nature of the production function B) the depreciation rate C) the growth rate of labor input D) the growth of capital per person