Real GDP is the product of the
a. total hours of work times the labor force.
b. labor force times the output per hour.
c. nation's capital stock times the output per hour.
d. total hours of work times the output per hour.
d
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A major disadvantage of a proprietorship is that the ________
A) owner's entire wealth is at risk B) profits are taxed twice C) firm has perpetual life D) owner has limited liability
Which of the following applies most generally to supply in the long run?
A) Average total cost must decline. B) Producers are able to make change in all their factors of production. C) Producers are only able to make change in their variable factors of production. D) All original producers will leave the market.
The desire for carrots changes as one moves down the demand curve for carrots.
Answer the following statement true (T) or false (F)
Depreciation of the dollar relative to foreign currencies will tend to increase net exports and aggregate demand.
Answer the following statement true (T) or false (F)