Real GDP is the dollar value of all goods and services produced in an economy
a. True
b. False
Indicate whether the statement is true or false
False
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The length of time an unemployed person searches for a job is likely to increase as
A) the working age population gets older. B) new technologies make workers more productive. C) unemployment benefits become more generous. D) the birth rate declines. E) job rationing decreases.
A balance sheet
A) measures flows of income and expenditure over a given period of time. B) equates flows of revenue with flows of expenditure. C) measures assets, liabilities, and net worth at a giving instance in time. D) None of the above are correct.
The price of on-campus parking from 8:00 AM to 5:00 PM, Monday through Friday, is $3.00. From 5:00 PM to 10:00 PM, Monday through Friday, the price is $1.00. At all other times parking is free. This is an example of
A) bundling. B) second-degree price discrimination. C) a two-part tariff. D) tying. E) none of the above
A production function shows
A. How total costs increase as labor is added. B. How a firm's costs of production increase as it produces more goods. C. How a firm's production changes as quantity of labor and other inputs changes. D. How production changes as its unit costs go up.