Which of the following participants in the working of a firm are referred to as residual claimants?
A. entrepreneurs
B. workers
C. managers
D. all of these
Answer: A
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Which of the following is included in the consumption component of GDP?
a. household purchases of appliances. b. household purchases of medical care. c. household purchases of food. d. All of the above are included in the consumption component of GDP.
Which curve shown below represents the market supply given the following individual supply tables?
PriceS1S2S33060156040702080508025100609030120
A. A B. B C. C D. D
Why does aggregate demand shift outward by a greater amount than the initial change in spending?
What will be an ideal response?
Refer to the graph below. Which of the following statements is correct on the basis of the information shown?
A.
Real GDP must be deflated in each year after 2000 to determine nominal GDP
B.
Nominal GDP must be inflated in each year since 2000 to determine real GDP
C.
Nominal GDP must be deflated in each year before 2000 to determine real GDP
D.
Nominal GDP must be inflated in each year before 2000 to determine real GDP