The GDP is the:
What will be an ideal response?
Monetary value of all services produced within a nation in a particular year
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In the above table, the opportunity cost of the 2nd pizza is
A) 0 cases of soda per pizza. B) 15 cases of soda per pizza. C) 95 cases of soda per pizza. D) 80 cases of soda per pizza.
The demand curve facing a perfectly competitive firm is
a. almost vertical at the market quantity b. perfectly inelastic c. perfectly elastic d. horizontal at the price the firm wishes to charge e. downward sloping
If investment is not sensitive to changes in the interest rate, then changes in the money supply: a. will have no effect on interest rates
b. will have no impact on the quantity of money demanded. c. will have no effect on the aggregate demand of an economy. d. will have a major impact on the aggregate demand of an economy. e. will have a major impact on the price level in an economy.
According to Milton Friedman, continued inflation is always and everywhere
A) a supply-side phenomenon. B) caused by continued decreases in aggregate supply. C) caused by continued increases in the budget deficit. D) a monetary phenomenon. E) none of the above