Since the U.S. is organized as a market economy, the government sector does not play any role in economic activity
a. True
b. False
Indicate whether the statement is true or false
False
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What is a long-run average cost curve?
What will be an ideal response?
A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the
A) real interest rate. B) productivity relation. C) production function. D) marginal product.
The inflation rate = ________
A) nominal GDP - real GDP B) growth rate in real GDP - growth rate in nominal GDP C) growth rate in real GDP + growth rate in nominal GDP D) nominal GDP รท real GDP E) none of the above
The most commonly used price index to track changes in prices for the typical household in the U.S. is:
A. consumer price index. B. average price index. C. retail price index. D. producer price index.