Does GDP for a particular year include items produced in a previous year?
a. Nominal GDP will not and real GDP will
b. Real GDP will and nominal GDP will not
c. Yes for both nominal and real GDP
d. No for both nominal and real GDP
d
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Federal spending and taxation both affect and are influenced by the overall level of economic activity
Indicate whether the statement is true or false
When one firm assumes others in the market will follow its price setting behavior, this is referred to as
a. the kinked demand model b. the godfather model c. oligopoly d. the cartel model e. monopolistic competition
As a percentage of national income, corporate profits and proprietors' income is almost
A. 75%. B. 40%. C. 17%. D. 22%.
A monopsonist wants to purchase more labor. Which of the following statements is TRUE?
A. The wage rate that the monopsonist has to pay future workers is lower than it pays current workers since there is no other place to work. B. The wage rate that the monopsonist has to pay future workers is higher than what it will continue to pay current workers. C. The monopsonist will have to raise the wage rate for current and additional employees. D. The wage rate that the monopsonist has to pay future workers will be the same rate it pays current workers.