Nominal GDP increases
A) only if total production increases.
B) only if prices increase.
C) if either prices and/or total production increase.
D) only if the productivity of resources increase.
E) only if depreciation decreases.
C
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A reduction in the level of unemployment would have which effect with respect to the nation's production possibilities curve?
A. It would shift the curve to the right B. It would shift the curve to the left C. It would not shift the curve; it would be represented by a movement from a point inside the curve toward a point on the curve D. It would not shift the curve; it would be represented by a movement from a point on the curve to a point outside the curve
Give three different examples of rent-seeking behavior
Please provide the best answer for the statement.
Between 2017 and 2018, if an economy's exports rise by $8 billion and its imports fall by $8 billion, by how much will GDP change between the two years, all else equal?
A) Net exports will increase GDP by $8 billion. B) The increase in exports is offset by the decrease in imports, so there is no change in net exports and no effect on GDP. C) Net exports will increase GDP by $16 billion. D) Net exports will decrease GDP by $8 billion.
In ________, changes in technology affect the marginal revenue product of a unit of labor input. In ________, changes in technology affect the marginal cost of a unit of output.
A. the labor market; the product market B. the product market; the labor market C. output markets; input markets D. all markets; all markets