If in some year nominal GDP was $28 trillion and real GDP was $32 trillion, what was the GDP deflator?
a. 87.5.
b. 114.3.
c. 400.
d. 896.
a
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Long run average cost curves are downward sloping for increasing returns to scale production technologies.
Answer the following statement true (T) or false (F)
An autonomous easing of monetary policy
A) causes an upward movement along the monetary policy curve. B) causes a downward movement along the monetary policy curve. C) shifts the monetary policy curve upward. D) shifts the monetary policy curve downward.
Normal profit is defined as
a. accounting profit b. economic profit c. profit necessary to ensure that opportunity costs are covered d. accounting profit minus economic profit e. economic profit minus accounting profit
Increasing the capital available to the workforce, holding other factors constant, tends to ________ total output while ________ average labor productivity.
A. decrease; increasing B. increase; not changing C. increase; decreasing D. increase; increasing