U.S. nominal GDP:
a. has historically increased more slowly than real GDP.
b. has historically increased more rapidly than real GDP.
c. includes an estimate of the value of leisure time
d. includes an estimate of underground productive activity.
b
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How can we separate the cost of the electricity that generates the heat from a light bulb and the cost of the electricity that generates that same bulb's light?
A) By comparing the wattage of the bulb with the change in air temperature B) By distinguishing sunk costs from marginal costs C) By dividing the total cost in two D) We cannot do it in any defensible way.
When the international financial system operated under the gold standard,
a. the currencies of most countries were convertible into gold b. all international transactions were financed with gold c. the price of gold was determined by the supply and demand for foreign exchange d. the quantity of money demanded was always the same e. there was very little inflation
Suppose that MPL = 200 and MPK = 240. If R = 30, then at which of the following wages would the firm want to hire fewer workers and more capital?
A. W = 23 B. W = 24 C. W = 25 D. W = 26
Correlation vs causation?
What will be an ideal response?