A decrease in nominal gross domestic product necessarily entails a decrease in
A) both real output and the price level.
B) either real output or the price level (or both).
C) real output and employment.
D) the price level and employment.
B
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An advance in technology results in:
a. suppliers offering a larger quantity than before at each given price. b. suppliers offering the same quantity as before at a lower price. c. a rightward shift of the supply curve. d. an increase in supply. e. all of these.
After John discovered he had a serious illness, he immediately purchased health insurance without disclosing his illness to the insurance company. This is an example of adverse selection
a. True b. False Indicate whether the statement is true or false
In a debate on the state of the economy Senator X pointed out that the unemployment rates for teenagers, blacks, and hispanics had increased over the last year, while Senator Y stated that the unemployment rate in the United States was at its lowest level in more than 30 years. In this example, aggregate data is being used by:
A. neither senators B. both senators C. senator X D. senator Y
In international financial transactions, what are the only two things that individuals and firms can exchange?
A. Currency and real assets. B. Services and manufactured goods. C. Preexisting assets and currently produced goods and services. D. Currency and currently produced goods and services.