Which of the following could cause nominal GDP to increase next year, but real GDP to decrease?
A) The price level rises and the quantity of final goods and services produced rises.
B) The price level rises and the quantity of final goods and services produced falls.
C) The price level falls and the quantity of final goods and services produced rises.
D) The price level falls and the quantity of final goods and services produced falls.
Answer: B
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Accountants calculate
A) economic depreciation as part of the firm's cost. B) depreciation using Internal Revenue Service rules. C) the opportunity cost of all the resources the firm uses. D) all the firm's implicit costs but only a few of its explicit costs. E) All of the above answers are correct.
Which of the following groups had the highest poverty rate in 2014 in the United States?
A) Asians B) Hispanics C) blacks D) female heads of families
A firm will shut down in the short run if
A. P < AVC. B. P > AVC. C. AVC > AFC. D. TR > TC.
Which of the following is true?
a. Decision making should never be centralized b. If you decide to centralize the decision making authority, figure out a way to keep information hidden from it c. If you decide to centralize the decision making authority, figure out a way to transfer information to the third party d. If you decide to centralize the decision making authority, figure out a way to transfer information to the decision maker