A factory in Techland could not sell 20% of its output during a certain year due to a decrease in demand for its product. Which of the following would have happened if it produced 20% less?
A) Techland's GDP would have been higher.
B) Techland's GDP would have been lower.
C) Techland's trade deficit would have been less.
D) Techland's GDP would have remained the same.
B
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In the above table, between what two levels of output does one first observe the law of diminishing returns?
A) 0 and 1000 B) 1000 and 3000 C) 3000 and 4000 D) 4000 and 4500
Which of the following statements is most correct?
A. Fisher's assumption about money velocity being stable in the long run was incorrect. B. The velocity of M2 is relatively stable across all time periods. C. The velocity of M2 is less stable than the velocity of M1. D. The velocity of M2 is more volatile in the short run than the long run.
A worker is ?underemployed? if she is working at a job for which her skills far exceed the requirements for the job
Indicate whether the statement is true or false
In 1950, the country with the highest per-capita GDP was
A) Switzerland. B) New Zealand. C) the United States. D) Venezuela. E) the Netherlands.