U.S. GDP in 2012 was about:
A. $8.1 trillion
B. $15.7 trillion
C. $890 billion
D. $1200 billion
B. $15.7 trillion
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In the IS-LM model, the fiscal multiplier effect can be increased by
A) larger increases in government expenditure. B) expansions of the money supply. C) contractions of the money supply. D) raising the income tax rate.
Which of the following inputs is normally considered to be variable in the short run?
A) labor B) capital C) money D) time
Roxanne and Eileen live in an apartment building with a laundry room in the basement. Roxanne does her laundry at home, spending $4 and 5 hours per week. Eileen sends her laundry out, spending $20 and 15 minutes per week transporting the laundry. On the basis of the information given, which one of the following must be true?
a. Roxanne earns more labor income than Eileen. b. Eileen earns more total income than Roxanne. c. Roxanne enjoys doing laundry; Eileen does not. d. Eileen has less laundry than Roxanne. e. Eileen and Roxanne attach different utilities to time spent doing laundry.
If climate change starts creating earthquakes, storms, droughts and all manner of obstacles to production operations, the effects can be shown on effected production function graphs by
A. eliminating long run production functions because they are irrelevant. B. changing the curves of the isoquants to straight lines. C. lowering the short run production function and reducing the numbers on each isoquant. D. eliminating the increasing returns portion of the short run production function.