When GDP and other national income accounts are measured in nominal values, then they
A. are not comparable because they are not in real terms.
B. should be converted into money values before comparing them over time.
C. are measured in real values.
D. are measured in current market prices.
Answer: D
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A change in technology that shifts the firm's total product curve upward without changing the quantity of capital used
A) shifts the average total cost curve upward. B) shifts the average total cost curve downward. C) does not change the cost curves. D) shifts the marginal cost curve upward.
Behavioral assumptions
a. make economic models more complex than if these assumptions were removed b. pertain only to consumers c. hold all other things constant d. are ways to test a hypothesis e. describe how individuals are expected to behave
The simple circular flow model shows that workers and owners of land and capital offer their services through: a. product markets. b. factor markets
c. money markets d. government.
As the stock of capital grows, there will typically be ________ depreciation.
A. less B. more C. the same amount of D. no