The measurement of economic growth cannot take into account
A) the service sector of an economy.
B) productive activity in an economy.
C) cultural aspects of life in a country.
D) differences in inflation rates across countries.
C
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A monopoly always operates on the elastic portion of its demand curve
Indicate whether the statement is true or false
A minimum wage that is set below the equilibrium wage will
a. cause increased unemployment b. have no effect on employment c. cause the overall wage to increase d. cause the overall wage to decrease e. create more jobs
When the price level changes from PL2 to PL1, what happens to the quantity of real GDP that suppliers are willing and able to supply?
a. It increases from RGDP2 to RGDP1.
b. It increases from RGDP1 to RGDP2.
c. It decreases from RGDP1 to RGDP2.
d. It decreases from RGDP2 to RGDP1.
According to the quantity theory of money currently used by monetarists, assuming velocity is constant (at a value of 5), a 10 percent increase in the money supply will raise
A. nominal GDP by 50 percent. B. real GDP by 10 percent. C. nominal GDP by 10 percent. D. real GDP by 50 percent.