The U.S. economy has grown constantly over the years.
Answer the following statement true (T) or false (F)
False
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A binding price floor will reduce a firm's total revenue
a. always. b. when demand is elastic. c. when demand is inelastic. d. never.
Suppose that at a firm's current level of production the marginal product of capital is equal to 10 units, while the marginal rate of technical substitution between capital and labor is 2. Given this, we know the marginal product of labor must be
A. 5. B. 10. C. 20. D. It is not possible to say with the information given in the problem
If the base year is 2005, the nominal GDP for 2015 is $10,000 billion, and the GDP deflater for 2015 is 90, what is the real GDP for 2015 compared to 2005?
a. $9,000 billion b. $10,090 billion c. $11,111 billion d. $12,001 billion
Because the United States usually sends more humanitarian and military aid to foreigners than it receives, ______.
a. the net balance is usually positive b. exports of goods are usually in deficit c. service imports are usually positive d. the net transfers are usually in deficit