Constant dollar Gross Domestic Product (GDP)
A. is equal to real GDP multiplied by the overall price level.
B. is the same as nominal Gross Domestic Product (GDP).
C. is nominal Gross Domestic Product (GDP) divided by the price index.
D. all of these.
Answer: C
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A decrease in investment leads to ________ in aggregate demand and ________ in real GDP
A) no change; a decrease B) a decrease; an increase C) an increase; an increase D) a decrease; a decrease E) an increase; a decrease
Two receptionists work at Widget, Inc., one in the morning and one in the afternoon. They are an example of
a. job specialization b. job rotation c. job sharing d. none of the above
Jim Range owns an ice cream store, Best Ice Cream, one of 1,000 franchises across the country. Jim doesn't like to work evenings, so he hires Mary Jo Smith to work in the store in the evening for $6.50 per hour. Mary Jo's friends come by each evening and she gives them free cones. Is this an adverse selection problem or an incentive problem? What is the solution?
What will be an ideal response?
A United States government patent lasts
A) forever. B) 50 years. C) 20 years. D) 7 years.