Increases in real GDP are considered the best measure of increases in living standards, because they measure:
a. only increases in prices.
b. only increases in production.
c. both increases in prices and increases in production.
d. only increases in the cost of living
Answer: b. only increases in production.
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How has macro-policy changed since the 1970s? How have the views of economists on the trade-off between inflation and unemployment changed?
The 1974 federal legislation that exempted employers from certain state laws governing health insurance was:
a. HIPAA. b. CON. c. SCHIP. d. ERISA. e. COBRA.
Refer to the above table. What are total variable costs at an output of 2 units?
A. $100 B. $200 C. $150 D. $50
If Tiger Toys faces a demand curve of P = 85 ? 0.25Q and a MC = ATC = 20, then the output would be
A. 65.0 units. B. 32.5 units. C. 85.0 units. D. 130.0 units.