In the aggregate production function, the symbol "A " represents an index of how efficiently the economy transforms capital and labor into real GDP. "A" measures the influence
A) of any factor that determines real GDP.
B) of the quantities of capital and labor that determine real GDP.
C) of any factor that determines real GDP other than the quantities of capital and labor.
D) of the quantities of capital and labor that determine real GDP, holding other factors constant.
C
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Gross domestic product can be calculated
A) either by valuing the nation's output of goods and services or by valuing the income generated in the production process. B) by adding up the personal consumption of all members of the society. C) by adding up the value of all intermediate goods used in the economy. D) by adding up the income tax returns of all members of the society.
What best describes westward movement of population between 1800-1860?
a. The 1850s was the decade when the largest number of people moved to the west. b. The large increase in and sales in this period was based on speculation. c. Migrants moved to the west because they were "pushed" out of the east, where conditions were getting worse. d. Corn prices were relatively low in the decades when migration to the west was largest.
Just before Valentine's Day, the price of roses increases dramatically. This is because
a. self-interested individuals try to charge more for a good than consumers are willing to pay. b. demand increases while the supply of roses remains relatively constant. c. the supply curve of roses is highly elastic. d. the demand for roses is relatively inelastic most of the year, but becomes more elastic as demand increases.
"Crowding in" refers to federal government deficits:
A. used for public infrastructure that will offset any decline in business investment. B. which reduce private business and consumption spending. C. which reduce future rates of economic growth. D. when the economy is at full employment.