The gap that exists when equilibrium real GDP is less than full-employment real GDP is
A) the short-run aggregate supply curve. B) money illusion.
C) an inflationary ga
D
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What explains any divergence between nominal and real GDP?
A) Constant prices B) Changing prices C) Constant output D) Changing output E) None of the above.
Applications to MBA programs rose during the economic downturn in 2008. This is best explained by:
A) The opportunity cost of attending an MBA dropped for most applicants due to poor job prospects. B) More teachers were available to teach MBA classes due to the lower opportunity cost of teaching. C) The explicit costs of attending an MBA program fell in 2008. D) The implicit costs of attending an MBA program rose in 2008.
Which of the following is most likely to cause a rightward shift of the investment demand curve?
a. An increase in income b. A decrease in the market interest rate c. An improvement in business expectations d. An increase in the market rate of interest e. A decrease in income
Explain why funds available to pay the fixed inputs are equal to the area of the triangle below the value of marginal product of labor (VMP) and above the wage