To arrive at a more accurate measure of real output changes in an economy, nominal GDP figures should be adjusted for inflation
a. True
b. False
Indicate whether the statement is true or false
True
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The MRP = MFC maximization rule applies to capital just as it does to labor
Indicate whether the statement is true or false
The number of people employed equals
A. the number of people unemployed divided by the labor force. B. the labor force minus the number of people unemployed. C. the labor force plus the number of people unemployed. D. the number of people unemployed minus the labor force.
Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) Domestic output in country A will, after immigration:
A. Decrease by $50M
B. Decrease by $150M
C. Increase by $50M
D. Increase by $150M
For a firm in monopolistic competition to undertake product development, the marginal cost of the development must be ________ the marginal benefit of the development to consumers
A) greater than B) less than C) not comparable to D) equal to or less than E) None of the above because a monopolistically competitive firm undertakes product development if the marginal cost of the development is less than or equal to the marginal revenue to the firm from the development.