In 2014, national defense spending as a proportion of GDP was highest in
A. Germany.
B. the United States.
C. Japan.
D. the United Kingdom.
Answer: B
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Because of a decrease in the wage rate it must pay, a perfectly competitive firm's marginal costs decrease but its demand curve stays the same. As a result, the firm
A) decreases the amount of output it produces and raises its price. B) increases the amount of output it produces and lowers it price. C) increases the amount of output it produces and does not change its price. D) decreases the amount of output it produces and lowers its price.
What is the difference between diminishing marginal returns and diseconomies of scale?
What will be an ideal response?
Develop a simple model of inflation by identifying at least two exogenous variables and describing, briefly, how the value of these exogenous variables will impact the rate of increase in the overall level of prices in the economy
What will be an ideal response?
Apple has been producing the new iPhone throughout 2013, but doesn't plan to sell it until March 2014. How are these iPhones, which are sitting in a warehouse somewhere in the U.S., affecting GDP?
A. They are considered inventory until they sell, so investment will increase when they are sold in 2014. B. They are inventory and will decrease investment in 2013. C. They are not counted in GDP at all since they were not sold. D. They will increase GDP only in the year they are produced, 2013.