The United States temporarily operated outside the production possibilities frontier in
A. 1933.
B. 1943.
C. 1973.
D. 1982.
B. 1943.
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Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. If the market price is $28 and the firm produces 5 units of output, then its profit would be
A. -$50. B. -$44. C. $0. D. $18.
Compare the problems in achieving growth in an advanced nation with those of a developing nation. Do these problems differ in degree or in kind? Explain.
What will be an ideal response?
According to the IS equation, a change in which of the following will cause a change in output?
A) real interest rate B) autonomous investment C) marginal propensity to consume D) all of the above E) none of the above
Which of the following statements about nominal GDP and real GDP is correct?
a. Nominal GDP is a better gauge of economic well-being than real GDP. b. Real GDP is a better gauge of economic well-being than nominal GDP. c. Real GDP and nominal GDP are equally good measures of economic well-being. d. Neither nominal nor real GDP provide a measure of economic well-being.