A measure of the average price level for GDP is called the:
A. national price level.
B. total price level.
C. economy price level.
D. aggregate price level.
Answer: D
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If the national debt is growing no faster than GDP,
a. the government will have to raise taxes b. the nation's standard of living will fall c. government investment spending will be negative d. the government can pay interest on the debt without having to raise taxes e. the government will be unable to pay interest on the debt
A nation's technological gains have increased labor productivity and, as a result, the average number of hours worked each week has been falling. How do Gross Domestic Product (GDP) calculations account for this shortening of the average workweek?
A. Gains in leisure time are dollar-valued and included in real per capita Gross Domestic Product (GDP) gains. B. Gains in leisure time are not included in Gross Domestic Product (GDP), so any increase in real per capita Gross Domestic Product (GDP) will understate the nation's actual economic growth. C. Neither real Gross Domestic Product (GDP) nor per capita real Gross Domestic Product (GDP) includes the increase in leisure time that results, so the nation's actual economic growth will be overstated. D. Real Gross Domestic Product (GDP) does not factor in an increase in leisure time but per capita real Gross Domestic Product (GDP) does.
The provision of additional cash to the banking system is an example of ________ policy.
A. structural B. aggregation C. monetary D. fiscal
The marginal revenue product of labor is
A. the additional revenue a firm earns by employing one additional unit of labor. B. the additional profit a firm earns by employing one additional unit of labor. C. the additional revenue the firm makes by selling one unit of labor. D. the marginal product of capital times the price of labor.