Changes in nominal GDP only reflect changes in production while changes in real GDP include changes in both production and prices
Indicate whether the statement is true or false
F
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Which of the following is an example of a nudge?
A. Income is redistributed through tax and spending programs. B. An employee must check a box to opt out of a retirement savings program. C. A farmer's market raises prices because a storm destroyed crops. D. Government taxes cigarettes.
A market equilibrium:
A. leaves unexploited opportunities for individuals. B. is never socially optimal. C. might not maximize total economic surplus. D. is socially optimal.
Answer the following statement(s) true (T) or false (F)
1. A business owner who begins reducing his office hours once the firm is highly profitable illustrates the income effect. 2. When wages are above the equilibrium level, demand will exceed the quantity of labor supplied. 3. When the established wage is above the equilibrium level, unemployed workers are willing to accept a lower wage in order to get jobs. 4. When productivity rises, the labor demand curve shifts to the right. 5. Efficiency-increasing technology will move the labor demand curve to the left.
The movement of goods and resources within a corporation is done on the basis of
A. government regulation. B. administrative decisions. C. market allocation. D. technological innovation.