The best measure of the average standard of living is:
a. yearly population increase.
b. real GDP per capita.
c. consumer credit balances.
d. the overall level of investment.
b
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A price taking firm employs each of its inputs into production until its marginal product is equal to 1.
Answer the following statement true (T) or false (F)
Half of the public debt is owned by foreign individuals and institutions.
Answer the following statement true (T) or false (F)
In the Keynesian model, to understand the determination of income and employment it is necessary to understand
A) how aggregate supply is determined. B) how aggregate demand is determined. C) how long-run aggregate supply is determined. D) how interest rates are determined.
The oligopoly market structure model is characterized by:
a. many firms in an industry producing differentiated products. b. many firms in an industry producing identical products. c. few firms in an industry with natural barriers to entry. d. a single firm in an industry with barriers to entry. e. many firms in an industry with barriers to entry.