For the average living standard of a nation to __________, __________ must increase faster than the price level
a. increase; nominal GDP
b. increase; real GDP
c. decrease; nominal GDP
d. remain constant; nominal GDP
e. decrease; real GDP
A
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A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n)
A. decrease in the price and quantity of new homes. B. decrease in the price of new homes and increase in quantity. C. increase in the price and quantity of new homes. D. increase in the price of new homes and decrease in quantity.
Suppose that Hawaii legalizes casino gambling. By imposing a tax on casino revenues, the state government is able to eliminate the state income tax on wages. What is likely to be the effect on the labor supply curve in Hawaii?
What will be an ideal response?
A likely example of complementary goods for most people would be
a. canoes and paddles. b. snow mobiles and sofas. c. coffee and tea. d. tennis balls and basketballs.
In the following graph, the price of capital is $100 per unit. How many units of capital should a firm use in order to produce 500 units of output at the least cost?
A. 12 units of capital B. 10 units of capital C. 14 units of capital D. 20 units of capital E. none of the above