Trish grows oregano in her backyard to use in her homemade pesto sauce. How is this gardening included in GDP?
A. It is included in real GDP.
B. It is included in nominal GDP.
C. It is not included in GDP.
D. It is included as an intermediate good.
Answer: C
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A firm's demand for labor increases and its demand curve for labor shifts rightward if
A) the wage rate falls. B) the price of its product falls. C) its value of marginal product decreases. D) an advance in technology increases the marginal product of labor.
Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium
What will be an ideal response?
When the Soviet Union began breaking up in the late 1980s, cigarettes began replacing the ruble as the medium of exchange even though the ruble was legal tender. The cigarettes provide an example of commodity money
a. True b. False Indicate whether the statement is true or false
In the long run, monopolistically competitive firms produce where demand equals average total cost
a. True b. False Indicate whether the statement is true or false