Fill in the Marginal Output column.
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If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP
A) equals B) is less than C) is greater than D) may be greater than or less than
If it costs Danitra $225 to create 4 necklaces and $275 to create 5 necklaces, then the marginal cost of producing the 5th necklace is $50
Indicate whether the statement is true or false
If price elasticity of demand is -0.5,
a. a 1% decrease in quantity demanded leads to a 0.5% decrease in price b. a 1% decrease in price leads to a 0.5% increase in quantity demanded c. a 50% decrease in price leads to a 1% increase in quantity demanded d. a 50% decrease in price leads to a 100% increase in quantity demanded e. demand is elastic
The purchase of a new house is included in government spending
a. True b. False Indicate whether the statement is true or false