Today the great divide between the haves and have-nots is a _______________.
Fill in the blank(s) with the appropriate word(s).
college degree
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________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced
A) Real gross domestic product B) Gross national product C) Total product D) Nominal gross domestic product A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
Which of the following best describes a graph showing the supply and demand for foreign exchange?
a. The quantity of foreign exchange is on the horizontal axis and the quantity of the domestic currency is on the vertical axis. b. The quantity of the domestic currency is on the horizontal axis and the quantity of foreign exchange is on the vertical axis. c. The quantity of foreign exchange is on the horizontal axis and the price of foreign exchange in terms of the domestic currency is on the vertical axis. d. The quantity of foreign exchange is on the vertical axis and the price of foreign exchange in terms of the domestic currency is on the horizontal axis. e. The quantity of the domestic currency is on the horizontal axis and the price of foreign exchange in terms of dollars is on the vertical axis.
The marginal revenue product schedule for land refers to
A. a firm's demand for land. B. the final demand for land. C. the final supply of land. D. the firm's supply of land.
According to the above figure, what will the price level be in the new long-run equilibrium?
A) Less than 100 B) 115 C) 100 D) 110