If a demand curve shifts to the right, then
A) quantity demanded has decreased. B) quantity demanded has increased.
C) demand has increased. D) demand has decreased.
C
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Explain the difference between nominal GDP and real GDP. Which is more important when using GDP as a measure of production? Why?
What will be an ideal response?
Diminishing marginal productivity can occur due to the following reason(s)
a. the difficulty of monitoring and motivating larger workforces b. the increasing complexity of larger systems c. the "fixity" or permanence of some factor of production d. all of the above
Which of the following is most likely beyond the scope of economic analysis?
a. Family structure. b. Why some people contribute to charities. c. Why some people choose to vote. d. The actions of people who do what voices in their heads tell them to do.
The lowest-income fifth of the U.S. population ordinarily earns about 20 percent of the income.
Answer the following statement true (T) or false (F)