In the base year, real GDP ________ nominal GDP.
A. is equal to
B. is less than
C. is greater than
D. could be greater than or less than
Answer: A
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Suppose that the price level in Country A increase relative to the price level in other countries. In which of the following ways are Country A's imports and exports most likely to change?
a. increase; no change b. increase; decrease c. no change; decrease d. no change; increase e. decrease; increase
The labor demand curve of a purely competitive seller:
A. slopes downward because the elasticity of demand is always less than unity. B. slopes downward because of diminishing marginal productivity. C. is perfectly elastic at the going wage rate. D. slopes downward because of diminishing marginal utility.
The various combinations of goods and services that can be produced, when an economy uses its available resources and technology efficiently, is called:
a. scarcity. b. opportunity cost. c. unlimited production. d. capital accumulation. e. production possibilities.
Which of the following is not a determinant of supply?
a. input prices b. technology c. tastes d. expectations