The average product curve
A) initially falls then rises.
B) rises as average variable cost increases.
C) initially rises and then falls.
D) shows how productivity changes as output changes.
E) intersects the marginal cost curve when the average product curve is at its maximum.
C
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What can economists conclude if they observe an increase in real GDP?
A) The price level must have fallen. B) The real output of final goods and services must have risen. C) National welfare must have risen. D) Nominal GDP must have risen. E) All of the above.
During the Chinese experience with pegging the yuan to the dollar, the yuan was undervalued. As a result,
A) the prices of Chinese exports were higher than they would have been without the peg. B) the equilibrium value of the yuan was below the pegged value of the yuan. C) there was a surplus of yuan on the market that the Chinese government had to purchase to maintain the peg, depleting China's reserves of dollars. D) there was a surplus of dollars on the market that the Chinese government had to purchase to maintain the peg.
The ultimate source of liquidity in a modern industrial economy is the
A) government Treasury. B) central bank. C) capital market. D) liquidity market.
What kinds of economic activities are excluded from GDP? If GDP misses these things, then why do we use it?
What will be an ideal response?