If the GDP price index is 125 and nominal GDP is $130 billion, then real GDP equals ________ billion
A) $104.00
B) $162.50
C) $96
D) $1.04
E) $9.6
A
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When a third string NFL quarterback earns more than a police officer, society answers the ________ question
A) for whom B) what C) how D) why E) social interest vs. self-interest
In the last 20 years, all of the countries in Africa have experienced positive economic growth
Indicate whether the statement is true or false
Suppose the production function is q = 12 L0.25K0.75. Determine the long-run capital-to-labor ratio (K/L) if the cost a unit of capital (r) is three times the cost of a unit of labor (w)
What will be an ideal response?
At a given level of wheat output, one more unit of labor would produce 10 extra bushels, and one more unit of seed would produce 30 extra bushels. A unit of labor costs $6, and a unit of seed costs $12 . The farmer should
a. produce less wheat. b. buy only seed. c. buy more seed and less labor. d. buy less seed and more labor.