"GDP price index" measures changes in the:
A. Value of final output produced in the nation
B. Prices of the output produced in the nation
C. Amount of resources available in the nation
D. Cost of resources employed in the nation
B. Prices of the output produced in the nation
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What is the journal entry to record the direct labor summarized on the labor distribution report?
a. debit to Finished Goods and credit to Payroll b. debit to Work-in-Process and credit to Payroll c. debit to Payroll and credit to Direct Labor d. debit to Payroll and credit to Cash
The above figure illustrates
A) a recessionary gap. B) a full-employment equilibrium. C) an inflationary gap. D) an equilibrium at the economy's physical limits.
Playing the game in Scenario 13.13 sequentially would
A) not change the equilibrium. B) change the equilibrium to (R1,C1 ). C) change the equilibrium to (R2,C1 ) if R moved first. D) change the equilibrium to (R2,C1 ) if C moved first. E) change the equilibrium to (R2,C2 ).
The supply of loanable funds curve reflects
a. the inverse relationship between the market interest rate and the quantity of borrowed funds b. the inverse relationship between the market interest rate and the quantity of saving c. the direct relationship between the market interest rate and the quantity of borrowed funds d. the direct relationship between the market interest rate and the quantity of saving e. the direct relationship between the market interest rate and the quantity of present consumption