The concept of "real GDP" refers to:
A) the value of the current total output plus the value of intermediate goods.
B) GDP data which reflect changes in both physical output and environmental damage.
C) the value of nominal GDP after adjustments have been made for changes in the price level.
D) the value of nominal GDP minus the environmental pollution and changes in the distribution of income
C) the value of nominal GDP after adjustments have been made for changes in the price level.
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Tom's marginal utility of Mountain Dew exceeds his marginal utility of crackers at his consumer equilibrium. Therefore, his consumer surplus from Mountain Dew must exceed his consumer surplus from crackers
Indicate whether the statement is true or false
You decide to work in Japan for the next 10 years, accumulate some savings, then move back to the United States and convert your savings from yen to dollars
At the time of your move, economists predict that consumers in the United States have reignited their love of Japanese products, especially hybrid cars, and expect that this strong preference for Japanese products will continue for the next decade. How should this influence your decision to work and save in Japan? A) You should be discouraged as the growing U.S. preference for Japanese goods should increase the value of the yen to the dollar and decrease the value of your savings when converted to dollars. B) You should be encouraged as the growing U.S. preference for Japanese goods should increase the value of the yen to the dollar and raise the value of your savings when converted to dollars. C) You should be discouraged as the growing U.S. preference for Japanese goods should decrease the value of the yen to the dollar and decrease the value of your savings when converted to dollars. D) You should be encouraged as the growing U.S. preference for Japanese goods should decrease the value of the yen to the dollar and raise the value of your savings when converted to dollars.
If the government places a new tax on the hiring of workers, then we would expect
a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. e. none of the above.
Economics is best defined as the
A) study of how people make choices to satisfy their wants. B) study of individual self-interests. C) study of how government can most efficiently raise funds by taxation. D) process by which goods are sold in free markets.