If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:
A. 22 years.
B. 20 years.
C. 14 years.
D. 8 years.
C. 14 years.
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An inflationary gap will exist when the full employment level of GDP is
A. equal to equilibrium GDP. B. greater than equilibrium GDP. C. less than equilibrium GDP. D. greater than disposable income.
When playing a game in which players are in direct competition with one another, it is best to ________ a mixed strategy because the strategy is ________
A) use; predictable B) use; unpredictable C) avoid; predictable D) avoid; unpredictable
The Slutsky decomposition of the effect of the real wage on a person's labor supply decision suggests that the negative income effect of such a wage change will be larger: a. the smaller is the quantity of labor supplied and the smaller is the effect of non-labor income
b. the smaller is the quantity of labor supplied and the larger is the effect of non-labor income. c. the larger is the quantity of labor supplied and the smaller is the effect of non-labor income. d. the larger is the quantity of labor supplied and the larger is the effect of non-labor income.
All of the following are true about a monopolist except:
A. Average and marginal revenues are not the same. B. Marginal revenue is greater than price. C. Marginal revenue can be negative. D. Marginal revenue decreases with increases in output.