The true value of a good or service may be understated in GDP if different measures of service output fail to reflect improvement in the speed or quality of service
Indicate whether the statement is true or false
true
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The marginal benefit of each additional unit of a good consumed
A) increases as more is consumed. B) is always equal to its marginal cost. C) decreases as more is consumed. D) will maximize consumer surplus. E) is equal to the deadweight loss if the unit of the good is not produced.
Suppose there is a 5 percent increase in the nominal wages of workers in an economy. The annual rate of inflation in the economy is about 2 percent. Which of the following is true in this case? a. Real wage would fall by about 10 percent
b. Real wage would increase by about 20 percent. c. Real wage would fall by about 25 percent. d. Real wage would increase by about 50 percent. e. Real wage would increase by about 3 percent.
Assuming supply is held constant, an increase in demand for a product will cause an increase in the equilibrium price and the amount bought and sold
a. True b. False Indicate whether the statement is true or false
The following figure illustrates which of the following? (check all that apply)
a. That the resources used to produce industrial robots and pizzas are perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises. c. That as one moves to the right and produces more pizzas, the number of robots that must be given up remains constant. d. That the resources used to produce industrial robots and pizzas are not perfectly flexible and interchangeable. b. That as one moves to the right and produces more pizzas, the number of robots that must be given up rises.