Real GDP is the most effective measure for determining the:
A. Income level per household.
B. Change in the price level.
C. Standard of living across countries.
D. Growth rate of the economy over time.
D. Growth rate of the economy over time.
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Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1
What is the value of Nick's consumer surplus for the milkshakes he buys? A) $2 B) $9 C) $3 D) $10
When the actual unemployment rate is less than the natural unemployment rate, the economy is in a recessionary gap
Indicate whether the statement is true or false
International trade does all the following except
What will be an ideal response?
You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. Your firm's maximum profits are:
A. 85. B. 125. C. 100. D. 250.