Gross domestic product is the money value of all final goods and services produced in an economy in a year.
Answer the following statement true (T) or false (F)
True
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The majority of evidence points to the fact that, in the last decade in the United States, labor productivity has
A) stayed the same. B) increased. C) decreased in the manufacturing sector but increased in the service sector. D) decreased.
Price coordination among firms will be more difficult when there are substantial differences among the cost structures of the competing firms and the technologies they employ
Indicate whether the statement is true or false
The output gap of zero indicates that
A) nominal GDP is equal to Real GDP. B) GDP is equal to GNP. C) the balance between unemployment and inflation has been reached. D) actual real GDP is equal to natural real GDP.
According to monetarists, the natural rate theory
a. denies the tradeoff between inflation and output. b. argues that there is a stable tradeoff between inflation and output. c. shows that activist policies work best. d. believes that the Phillips curve relationship breaks down when policymakers attempt to use it.