If the GDP deflator is equal to 100, then for that year nominal GDP is equal to real GDP
Indicate whether the statement is true or false
TRUE
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The most successful free trade agreements achieve all of the following goals, except:
a. benefiting exporters by increasing exports to member countries. b. increasing the volume of trade without changing the pattern of trade. c. benefiting consumers by making a wider variety of goods available at a lower price. d. stimulating trade creation to allow the benefits of trade to be realized. e. protecting domestic industries from foreign competition.
For a certain firm, the 100th unit of output that the firm produces has marginal revenue equal to $10 and a marginal cost of $7 . It follows that
a. the production of the 100th unit of output increases the firm's profit by $3. b. the production of the 100th unit of output increases the firm's average total cost by $7. c. the firm's profit-maximizing level of output is less than 100 units. d. the production of the 110th unit of output must increase the firm's profit by less than $3.
The labor force includes individuals who are:I.EmployedII.UnemployedIII.Discouraged workers
A. I only B. Both I and II C. Both I and III D. All I, II and III
Answer the following statements true (T) or false (F)
1) In 2008-2009, the U.S. economy lost 8 million jobs and saw the unemployment rate rise from 4.6 percent to as high as 10.1 percent. 2) Real GDP measures the change in the price level over time. 3) Modern economic growth refers to any situation where a nation's output increases. 4) In order to achieve modern economic growth, a nation's output must grow faster than its population.