If prices have increased since the base period, then
A) real GDP is larger than nominal GDP.
B) real GDP can no longer be compared to nominal GDP.
C) real GDP is equal to nominal GDP.
D) real GDP is smaller than nominal GDP.
E) there is no way to adjust nominal GDP so that it equals real GDP.
D
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Which of the following is characteristic of a perfectly competitive market? a. There is free entry into and exit from the market
b. Individual firms can exert a perceptible influence on the market price. c. Firms in the market produce a differentiated product. d. All of the above are true.
Labor resources include
a. only physical exertion b. only the resources used in the production of other resources c. only skilled labor d. both physical and mental exertion e. the expenditure of people's effort in producing goods, but not services
Economies of scale arise from:
A. decreasing returns to scale. B. increasing returns to scale. C. constant returns to scale. D. constant marginal returns to scale.
Each step up the education ladder improves the incomes of white males but not of black males
Indicate whether the statement is true or false