Each of the following is a variable cost except
A. raw material costs.
B. hourly wages.
C. rent.
D. advertising costs.
C. rent.
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A congressman states, "If a government attempts to increase employment through increased government spending, all we will end up with is a higher price level." This congressman assumes that the
A) aggregate demand curve is a horizontal line. B) aggregate demand curve is a vertical line. C) aggregate supply curve is a horizontal line. D) aggregate supply curve is a vertical line.
In the circular flow diagram,
a. money flows from the firms to the households through the product market b. money flows from the households to the firms through the product market c. money flows from the households to the firms through the resource market d. money flows from the households to the firms through both the product market and the resource market e. resources flow to the households from the firms through the product market
The Social Security system works exactly like any private retirement trust system
a. True b. False Indicate whether the statement is true or false
If nominal GDP increased 2 percent during a year, while real GDP increased 4 percent, the
a. price level must have increased approximately 2 percent compared to the prior year. b. price level must have decreased approximately 2 percent compared to the prior year. c. price level must have decreased approximately 50 percent compared to the prior year. d. unemployment rate must have increased during the year.