If chain-weighted increases in real GDP for 2002-03, 2003-04, 2004-05, 2005-06, and 2006-07 are 5%, 4%, 2%, 1%, and 3% respectively, and nominal GDP in the 2002 base year is $6244.4 billion, then chain-weighted real GDP for 2007 is
A) $6987.02 billion.
B) $7,181.06 billion.
C) $7235.6 billion.
D) $7239.0 billion.
C
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The marginal product of labor (measured in units of output) of a firm is given by MPN = A(2000 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $6 per unit and A = 0.002. (a) What will be the demand for labor if the nominal wage is $18? (b) What will be the demand for labor if the nominal wage rises to $21?
When the Fed pursues a monetary policy of low interest rates, the exchange rate between the dollar and other currencies will tend to ________, generally making it ________ for foreign firms to sell their goods in the United States
A) rise; easier B) rise; more difficult C) fall; easier D) fall; more difficult
Big Pools is large swimming complex. Suppose adults have a demand for entrance into Big Pools that is less than half of the teenagers demand for entrance and there are an equal number of adults and teenagers. If Big Pools practices two-part pricing, to earn greater profit, Big Pools ________ adjust the membership fee to include ________.
A) should not; adults B) should; adults C) should not; teenagers D) should; all consumers
What usually results when interest rates continue to increase?
A. Spending decreases. B. Production increases. C. Purchasing power increases. D. Unemployment decreases.