The four components of GDP are consumption expenditures, private investment expenditures, government purchases, and transfer payments.
Answer the following statement true (T) or false (F)
False
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In a bilateral monopoly, the wage rate is likely to be ________ than the value of marginal product of labor and ________ than in a pure monopsony
A) lower; lower B) lower; higher C) higher; lower D) higher; higher
GDP measured with constant prices is referred to as
A) real GDP. B) nominal GDP. C) the GDP deflator. D) industrial production.
If a monopolist produces to a point at which marginal revenue is more than marginal cost then
A) the firm should increase output. B) the firm should reduce output. C) the firm is maximizing profits. D) we do not know if the firm should increase or reduce without more information.
An open-market purchase of securities by the Fed results in ________ in reserves and ________ in the supply of money.
A. an increase; an increase B. a decrease; an increase C. an increase; a decrease D. a decrease; a decrease