Real GDP measures the ________ of production; nominal GDP measures the ________ of production.
A. physical volume; current dollar value
B. current dollar value; market value
C. current dollar value; current dollar value
D. current dollar value; physical volume
Answer: A
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If a firm experiences diminishing marginal productivity of labor, the marginal product
a. increases as total product increases. b. decreases as total product increases. c. increases as total product decreases. d. decreases as total product decreases.
The reoccurrence of contagious diseases should be significantly lower in a technically advanced nation such as the United States. This statement is best described as
A. a marginal statement. B. an implication of an efficient market. C. a normative statement. D. a positive statement.
One of the consequences of the overstatement of the CPI is that
A. Social Security payments are lower than they would otherwise be. B. personal income taxes are higher than they would otherwise be. C. Social Security taxes are lower than they would otherwise be. D. the poverty line is higher than it would otherwise be.
Each point on a demand curve shows
A) the willingness of consumers to purchase a product at different prices. B) the consumer surplus received from purchasing a given quantity of a product. C) the economic surplus received from purchasing a given quantity of a product. D) the legally determined maximum price that sellers may charge for a given quantity of a product.