How many broad categories are used by economists to define the GDP?
A) 3 B) 4 C) 6 D) 8
B
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Distribution is a major question to be answered by any economic system.
Answer the following statement true (T) or false (F)
?A short-run aggregate supply curve (SRAS) assumes:
A. ?the CPI is fixed. B. ?each point on the SRAS is potential real GDP. C. fixed or sticky nominal wages. D. ?nominal wages vary directly with price changes.
The profit-maximizing combination of resources in a perfectly competitive situation occurs at the point at which
A. MRP of labor = price of labor (wage rate). B. MRP of capital = price of capital (cost per unit of service). C. MRP of land = price of land (rental rate per unit). D. All of these are correct.
Your employer pays for the maintenance on your car. The monetary value of this car maintenance is
A. included in both economic and money income. B. not included in either economic income or money income. C. included in your economic income, but not your money income. D. not included in your economic income, but included in your money income.