According to the table shown, what happened to the cost of living from 2013 to 2014? The cost of living:
A. increased; consumers became worse off than they would have been if the price level had not changed.
B. decreased; consumers became worse off than they would have been if the price level had not changed.
C. increased; consumers became better off than they would have been if the price level had not changed.
D. decreased; consumers became better off than they would have been if the price level had not changed.
A. increased; consumers became worse off than they would have been if the price level had not changed.
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If the growth rate of employment is positive but labor productivity remains unchanged, which of the following is likely to happen? a. Real GDP will either decrease or remain constant. b. Real GDP will decrease
c. Real GDP will remain constant. d. Real GDP will either increase or remain constant. e. Real GDP will increase.
Nominal GDP is defined as the:
A. Value of output in current dollars. B. Dollar value of services but not goods. C. Output produced by domestically owned factors of production regardless of where the factors are located. D. Value of output in constant prices.
Public choice theory focuses on the economics of
What will be an ideal response?
Economists assume people behave
A. greedily. B. irrationally. C. instinctively. D. rationally.