Improvements in the quality of goods and services over time
a. cause GDP statistics to understate true output growth from year to year
b. cause GDP statistics to overstate true output growth from year to year
c. are fully accounted for in the Bureau of Economic Analysis' measurement of GDP
d. are reflected in higher prices and therefore do not affect the measurement of real GDP
e. are offset by declining productivity over time
A
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The marginal physical product of an input is the
A. addition to output from using one more unit of an input. B. extra amount of an input needed to produce one additional unit of output. C. change in average physical product, given a change in the quantity of an input. D. slope of the production indifference curve for an output made using the input.
Give an example of how someone might respond predictably to an incentive.
What will be an ideal response?
Of all federal receipts (tax receipts and borrowing) about _____ comes from the individual income tax.
Fill in the blank(s) with the appropriate word(s).
A sudden increase in confidence by the business community could best be represented by
A. An aggregate expenditure curve shifting downward. B. An aggregate expenditure curve shifting upward. C. The AS curve shifting downward. D. The consumption curve shifting downward.