Nominal GDP in the United States was higher in 2012 than in 1950, but Real GDP was higher in 1950 than in 2012
Indicate whether the statement is true or false
False
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The natural rate of unemployment includes frictional, cyclical, and structural unemployment
a. True b. False Indicate whether the statement is true or false
Technological change moves the economy upward along the existing production function, thereby increasing productivity and living standards
a. True b. False
A firm operating in a perfectly competitive industry will continue to operate if it earns zero economic profits because it is likely to be earning positive accounting profits
a. True b. False Indicate whether the statement is true or false
If real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate?
A) $0.2 trillion B) 1.5 percent C) 15.0 percent D) 2.1 percent E) -1.5 percent