The supply of real GDP is a function of...
What will be an ideal response?
the quantities of labor, capital and the state of technology
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Babysitting services the oldest son provides his parents
A) does not count as real GDP nor nominal GDP. B) counts as real GDP and nominal GDP. C) counts in both real and nominal GDP only if the son is not paid. D) counts as real GDP but not nominal GDP. E) counts as nominal GDP but not real GDP.
Holding everything else constant, a decrease in the price of GPS systems will result in
A) a decrease in the supply of GPS systems. B) an increase in the quantity of GPS systems demanded. C) an increase in the demand for GPS systems. D) an decrease in the quantity of GPS systems demanded.
A linear demand for lake front cabins on a nearby lake is estimated to be: QD = 900,000 - 2P. What is the point price elasticity for lake front cabins at a price of P = $300,000? [HINT: Ep = (?Q/?P)(P/Q)]
a. EP = -3.0 b. EP = -2.0 c. EP = -1.0 d. EP = -0.5 e. EP = 0
Persistent wage differentials in the U.S. can best be explained by
a. increased immigration of both skilled and unskilled workers b. increased labor-force mobility among the states c. the existence of noncompeting labor markets d. the existence of backward-bending labor supply curves e. the increasing competitiveness of firms in labor markets