What is GDP expressed in constant, or unchanging, prices called?
(A) Price level
(B) Real GDP
(C) Net national product
(D) Nominal GDP
Ans: (D) Nominal GDP
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Constant returns to scale means that, given any constant x > 0
A) xzF(xK, xNd)= zF(xK, xNd). B) xzF(xK, xNd) > zF(xK, xNd). C) xzF(xK, xNd) < zF(xK, xNd). D) xzF(xK, xNd) = zxF(K, Nd).
Refer to Scenario 17.5. The owners can't know whether the workers are exerting high or low effort if income is
A) $5000. B) $7000. C) above $7000. D) $13,000. E) above $13,000.
A highly technical product is more likely to be sold by mass advertising as it signals to the consumers that the product is of dependable quality
Indicate whether the statement is true or false
Economists have found evidence that differences in wages can be explained by
a. experience b. job characteristics c. physical attractiveness d. All of the above are correct.