GDP measured using current prices is called:
a. Constant GDP
b. Nominal GDP
c. Real GDP
d. Deflated GDP
b. Nominal GDP
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A firm should continue to hire a resource as long as the resource's marginal revenue product exceed the resource's marginal resource cost
a. True b. False
Voting rights in a corporation are held by the:
A. common stockholders. B. board of directors. C. preferred stockholders. D. corporate bondholders.
Which of the following would cause a rightward shift in the investment demand curve?
A. An increase in the interest rate. B. An increase in the rate of capacity utilization. C. An increase in households' disposable income; D. An increase in business taxes.
Answer the following questions true (T) or false (F)
1. If the demand for a product is elastic, the quantity demanded changes by a smaller percentage than the percentage change in price. 2. If the absolute value of the price elasticity of demand for gasoline is 0.5, then a 10 percent increase in the price of gasoline leads to a 0.5 percent decrease in the quantity demanded. 3. If at a price of $10, a vendor sells 5 units of a product and at a price of $8, 6 units are sold. Using the midpoint formula, the demand for this good is inelastic.