A rise in the price level brings a ________ in the real wage rate that ________ profits which leads to ________ production
A) rise; reduces; increasing
B) rise; reduces; decreasing
C) fall; increases; increasing
D) rise; increases; decreasing
E) fall; decreases; decreasing
C
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Gross domestic product (GDP) measures the
A) number of final goods and services produced in the economy in a given time period. B) number of final goods and services sold in the economy in a given time period. C) market value of old and new final goods and services sold in the economy in a given time period. D) market value of final goods and services produced in the economy in a given time period.
In the figure above, real income in terms of bags of corn chips is shown by point
A) a. B) b. C) c. D) d.
Suppose that personal income is $250 billion. Furthermore, assume that retained corporate earnings are $2 billion, social security taxes are $15 billion, social security benefit checks equal $16 billion, the capital consumption allowance is $32 billion, and corporate taxes amount to $40 billion. What will be the value of net national product in this country?
a. $209 billion b. $219 billion c. $283 billion d. $291 billion e. $323 billion
According to the classical economists, if there is a recession, the government should ________.
Fill in the blank(s) with the appropriate word(s).