Nominal output is the _________ of goods and services, and real output is the _______ of goods and services .
A. dollar value; actual amount
B. actual amount; dollar value
C. actual amount; dollar value with inflation
D. dollar value with inflation; dollar value
A. dollar value; actual amount
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Productivity is defined as:
a. output per unit of capital. b. output per labor hour. c. output divided by the price level. d. the percentage change in total annual output.
The cost of producing one more unit of a good is called marginal cost
a. True b. False Indicate whether the statement is true or false
Refer to the diagram. If this competitive firm produces output Q, it will:
A. suffer an economic loss.
B. earn a normal profit.
C. earn an economic profit.
D. achieve productive efficiency but not allocative efficiency.
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50If the corn was grown and the jar of popcorn produced in the year 2015, but the jar was sold at Friendly Groceries in the year 2016, what is the contribution of these transactions to GDP in the year 2016?
A. $0.50 B. $4.00 C. $1.50 D. $0.00