Which of the following statement is correct?
A) If nominal GDP does not change, then real GDP cannot change.
B) If nominal GDP decreases, then real GDP must increase.
C) Nominal and real GDP can change either in the same direction or the opposite direction.
D) If real GDP decreases, then nominal GDP must decrease.
E) If nominal GDP increases, then real GDP must increase.
C
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An indifference curve is negatively-sloped because:
A) utility is a subjective concept. B) as the consumer obtains additional units of one good, the consumer is willing to sacrifice increasing amounts of the other good. C) in order to remain at the same level of utility, if an individual gets more of one good, he must sacrifice some of the other good. D) marginal utility is constant along an indifference curve, and increases in the consumption of one good cause the price of that good to fall.
What causes the property owners and non-unionized workers in this country to be hostile toward organized labor?
(a) The perception that unions will strive to make gains for unskilled labor at the expense of everyone else (b) The perception that unions have traditionally championed the rights of women (c) The fear that the government will take over corporate America (d) Jealousy and fear of organized labor's well-known ability to "deliver the votes" for candidates of its choice in national elections
As a monopolist increases the quantity of output produced, what happens to price (P) and marginal revenue (MR)?
a. both P and MR remain constant b. P is constant, but MR decreases c. P decreases, but MR is constant d. both P and MR decrease, but P falls faster than MR e. both P and MR decrease, but MR falls faster than P
Jacob is torn between two jobs, grounds keeper and street repair. He is indifferent between the two jobs even though the street repair job pays $25 more per hour. This must mean that
a. grounds keeper is a less attractive job b. grounds keeper enjoys a compensating wage differential of $25 c. the demand for street repairmen is greater d. street repair enjoys a compensating wage differential of $25 e. the demand for grounds keepers is greater