A nominal variable, such as the inflation rate or the money supply, which ties down the price level to achieve price stability is called ________ anchor
A) a nominal
B) a real
C) an operating
D) an intermediate
A
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If real GDP grows at a faster rate than does population, then the standard of living, as measured by real GDP per person,
A) worsens. B) remains the same. C) cannot be measured. D) improves. E) either improves, worsens, or stays the same, depending on the size of the population and the actual level of real GDP.
The principle of decreasing marginal benefit explains why the marginal benefit curve
A) is upward sloping. B) has an infinite slope. C) is vertical. D) is downward sloping. E) is horizontal.
When a country imports a good, the ________ to consumers is ________ the ________ to producers
A) loss; smaller than; gain B) loss; larger than; gain C) gain; smaller than; loss D) gain; equal to; loss E) gain; larger than; loss
Refer to Figure 12-10. The total cost at the profit-maximizing output level equals
A) $4,800. B) $3,300. C) $2,500. D) $1,800.