The more money firms spend on R&D the faster the economy is expected to grow
a. True
b. False
Indicate whether the statement is true or false
True
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How does real gross domestic product (GDP) differ from nominal GDP?
A) Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison. B) Nominal GDP controls for price changes, while real GDP does not. C) Real GDP controls for price changes, while nominal GDP does not. D) There is no difference between nominal GDP and real GDP.
An unexpected decrease in the demand for accountants will lead to
a. an increase in the earnings of accountants. b. an increase in the incentive of students to prepare for a career in accounting. c. a reduction in the future supply of accountants. d. an increase in the employment opportunities of accountants.
When the price is P1, in order to maximize profits this firm must produce a quantity equal to 
A. q2. B. q1. C. q3. D. Q1.
An increase in nominal GDP (with inflexible prices) results in:
a. an increase in the nominal rate of interest. b. an increase in the U.S. dollar exchange rate. c. a decrease in the nominal rate of interest. d. increased price and wage flexibility.