Economists use the phrase “business cycle” when discussing
a. movements in interest rates.
b. changes in economic productivity.
c. fluctuations in employment.
d. fluctuations in total output around the trend.
d. fluctuations in total output around the trend.
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Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours 150 billion hours. What is the economy's labor productivity?
A) $1.80 per hour B) $3.75 per hour C) $16.67 per hour D) $46.67 per hour E) $4.50 per hour
A decrease in nominal gross domestic product necessarily entails a decrease in
A) both real output and the price level. B) either real output or the price level (or both). C) real output and employment. D) the price level and employment.
A very high fixed cost and a relatively low marginal cost is associated with
A) every type of good or product. B) an information product. C) a persuasive good. D) an experience good.
Competitive firms consider private costs, but disregard external costs, when making their economic decisions
a. True b. False Indicate whether the statement is true or false