If a newspaper reporter wanted to learn about changes in the U.S. price levels, she would probably get that information by looking at the
a. real gross domestic product
b. consumer price index
c. latest press release from the Council of Economic Indicators
d. nominal gross domestic product
e. gross national product
B
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Based on the graph showing the effects of an investment tax credit or a technological change, eliminating an investment tax credit would ______.
a. create a higher equilibrium quantity of saving and investment
b. create a lower equilibrium quantity of saving and investment
c. have no influence on the equilibrium quantity of saving and investment
d. drive the equilibrium quantity of saving and investment to zero
Which of the following is an example of money?
A) currency inside the banks B) currency in your wallet C) credit card used as a payment for a good or service D) a debit card E) checks written as payment for a good or service
Which of the following is the most accurate definition of a worker's "marginal revenue product"?
a. The change in the firm's profits as the result of hiring an additional worker. b. The change in the firm's total revenue as the result of hiring an additional worker. c. The change in the firm's output as the result of hiring an additional worker. d. The change in the firm's cost as the result of hiring an additional worker.
Explain the reason behind the declining gap between average cost (AC) and average variable cost (AVC) curves at higher levels of output