Nominal GDP has generally risen more rapidly than real GDP since World War II in the United States, suggesting that:
A.
The general price level has declined
B.
The general price level has increased
C.
Productivity has increased substantially
D.
World trade has increased
B.
The general price level has increased
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The table above shows techniques that can be used to produce 100 shirts. The technique that is NOT technologically efficient is
A) W. B) X. C) Y. D) Z.
A marginal external cost is the cost of producing an additional unit of a good that falls on the producer
Indicate whether the statement is true or false
Find examples of scarcity in today's headlines
What will be an ideal response?
An upward sloping isoquant
A) can be derived from a production function with one input B) can be derived from a production function that uses more than one input where reductions in the use of any input always reduces output C) cannot be derived from a production function when a firm is assumed to maximize profits D) can be derived whenever one input to production is available at zero cost to the firm E) none of the above