At a short-run macroeconomic equilibrium, real GDP is always equal to potential GDP
Indicate whether the statement is true or false
FALSE
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If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?
A) It depends on what the going wage rate is in the labor market. B) $80 minus the firm's profit markup C) $80 D) There is insufficient information to answer the question.
The official settlements balance or balance of payments is the sum of
A) the current account balance, the capital account balance, the non reserve portion of the financial account balance, the statistical discrepancy. B) the current account balance and the capital account balance. C) the current account balance, the capital account balance, the non reserve portion of the financial account balance. D) the current account balance and the non reserve portion of the financial account balance. E) the current account balance and the interest in all investments.
If they could reach agreement, two firms in a two firm industry facing the advertising dilemma would agree not to advertise.
Answer the following statement true (T) or false (F)
Since 1950, the balance of trade for United States has
A. gone from a small deficit to a larger deficit. B. remained constant. C. gone from a deficit to a surplus. D. gone from a surplus to a deficit.