For most firms, the biggest cost of doing business is wages.
Answer the following statement true (T) or false (F)
True
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What is the difference between the short run and the long run when there is full employment and the government engages in deficit spending?
A) Real GDP will increase in the short run but not the long run. B) Real GDP will not increase in either the long run or the short run. C) Real GDP will increase in the long run but not the short run. D) Real GDP will increase in both the short run and the long run.
The resolution of Adam Smith’s diamond-water puzzle is based on the distinction between marginal and total utility.
Answer the following statement true (T) or false (F)
If Happy Campers advertises a 120 day low-price guarantee that will refund any of its customers the difference between the price they paid for a camper and a lower price offered by Happy Campers for the same camper, this is an example of ________.
A) price visibility B) a meet-or-release clause C) a meet-the-competition clause D) a most-favored-customer clause
Gross domestic product is
A. NDP less changes in inventories. B. NDP plus net exports. C. NDP plus taxes. D. NDP plus depreciation.