To calculate GDP it is necessary to add up the value of all the
What will be an ideal response?
Finals goods and services produced
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Contractual inflexibility is most likely to slow price adjustment in the
A) money market. B) capital market. C) real estate market. D) labor market.
It is useful to study the Solow growth model because
A) it provides a useful account of the reasons for population growth. B) it is useful in understanding the sources of economic growth after 1800. C) it has a steady state. D) it can help us understand the reasons for population control.
The idea of policy making taking place in response to a predetermined set of rules is referred to as
A) active policy making. B) discretionary policy making. C) passive policy making. D) Keynesianism.
Suppose a price-taking firm produces 400 units at its optimal output level. At that output rate marginal cost is $200, average total cost is $240, and average variable cost is $170 . What can you determine about the market price that would force the firm to shut down in the short run?
a. It equals $200. b. It is between $170 and $240. c. It is less than $170. d. It is between $170 and $200. e. It equals $240.