The statistic most often used by economists to measure the value of economic activity is ________
A) GDP
B) the CPI
C) labor-force participation rate
D) the nominal interest rate
E) the real interest rate
A
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In the above table, if the marginal factor cost is $200, how many workers would be hired?
A. 6
B. 5
C. 4
D. 3
Which of the following is NOT a determinant of the price elasticity of demand?
A) existence of substitutes B) expenditures on the good as a share of a consumer's budget C) the amount of time allowed for adjustment to changes in the price of the commodity D) the price level in a country
If the MPS is .25 and the economy has a recessionary expenditure gap of $5 billion, then equilibrium GDP is:
A. $5 billion below the full-employment GDP. B. $5 billion above the full-employment GDP. C. $20 billion below the full-employment GDP. D. $20 billion above the full-employment GDP.
Property rights motivate people to work harder and produce more economic pie than they would if property rights were not well defined
Indicate whether the statement is true or false