Interest is the payment for the use of
A. borrowed funds.
B. natural resources.
C. labor.
D. any factor of production.
Answer: A
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Potential GDP is
A) another name for real GDP. B) the amount of real GDP that the economy would produce if it were at full employment of all resources. C) the value of the maximum amount of output that can be produced at any given time. D) the amount of real GDP that the economy would produce if the unemployment rate was zero. E) the amount of real GDP that the economy would produce if all unemployment was cyclical unemployment.
Why is it important, for an open economy, that investment not be consistently higher than saving?
What will be an ideal response?
Profit is maximized when which of the following conditions occurs?
a. Total revenue equals total cost. b. Average revenue equals average cost. c. Marginal revenue equals marginal cost. d. Both b. and c. above are correct.
Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages and a corresponding decrease in wages
a. True b. False Indicate whether the statement is true or false