An increase in the price a firm receives for its output will lead the firm to:
A. expand output.
B. reduce output.
C. leave output unchanged and earn smaller losses.
D. leave output unchanged and earn greater profits.
Answer: A
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Equilibrium price is _____.
Using the marginal product theory of wages, a worker's "real" wage is:
a. twice the amount of the "money" wage. b. what the "money" wage will purchase in terms of products. c. what she earns after taxes. d. what she would earn if her employer paid her fairly.
Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for certain that
A) real GDP in 2016 was greater than real GDP in the base year. B) the price level in 2016 was less than the price level in the base year. C) real GDP in 2016 was less than real GDP in the base year. D) the price level in 2016 was greater than the price level in the base year.
The income that people earn in resource or factor markets is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.