Which statement is true?
A. GDP can never be greater than NDP.
B. NDP can never be greater than GDP.
C. GDP and NDP are always equal.
D. None of the statements are true.
Answer: B. NDP can never be greater than GDP.
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A resource's marginal product is
a. the revenue produced by one additional unit of that resource, other things constant b. the total output produced by one unit of that resource, other things constant c. the additional output produced by one additional unit of that resource, other things constant d. the total output divided by the number of units of that resource employed e. the total output times the number of units of that resource employed
Other things the same, which of the following happens if the price level rises?
a. Money demand shifts rightward. b. Initially there is an excess demand for money in the money market. c. The interest rate rises. d. All of the above are correct.
According to the above table, there is an excess quantity demanded of 1500 DVDs at the price
A) $14.
B) $12.
C) $10.
D) $8.
Suppose in the city of Smugsburg, Blu-ray disc rental stores operate in a monopolistically competitive market. If the price of Blu-ray disc rentals in Smugsburg is currently equal to $5 per tape and the average cost of renting videos is $1 per Blu-ray disc, in the long run we expect the price of renting Blu-ray discs to:
A. increase. B. stay the same. C. decrease, and the average cost of Blu-ray disc rentals to increase. D. decrease, and the average cost of Blu-ray disc rentals to decrease.