An organization that converts inputs (like Labor, Capital etc.) into output can be a
A) firm.
B) sole proprietorship.
C) corporation.
D) All of the above.
D
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Suppose the U.S. economy is producing at the natural rate of output. An appreciation of the U.S. dollar will cause ________ in real GDP in the short run and ________ in inflation in the short run, everything else held constant
(Assume the appreciation causes no effects in the supply side of the economy.) A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
The consumer price index (CPI) is computed as the ratio of nominal GDP to real GDP
a. True b. False Indicate whether the statement is true or false
All of the following, except one, would increase the demand for a particular model of a Ford automobile. Assume that this model is a normal good. Which is the exception?
a. an increase in buyers' incomes b. increased prices of other Ford models c. an expected future increase in the price d. an increase in the U.S. population e. a decrease in the price of steel
Discrimination by a manager in the hiring process may be consistent with the decision to maximize profits if
a. customers are willing to pay higher prices in order to maintain the discrimination. b. the discrimination is based on race but not gender. c. the discrimination is based on gender but not race. d. Discrimination is never consistent with profit maximization.