The GDP deflator is designed to adjust nominal GDP for changes in
a. the level of transfer payments.
b. the quality of goods over time.
c. the costs of economic bads such as pollution and crime.
d. the general level of prices over time.
D
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Does this production function, q = 10L0.5K0.3, experience increasing, decreasing or constant returns to scale?
A) Decreasing because a 100% increase in inputs increases outputs by 80%. B) Increasing because an 80% increase in inputs increases outputs by 100%. C) Decreasing because 0.5 + 0.3 < 1. D) A and C.
What are the characteristics of a perfectly competitive industry?
A speculative attack:
A. can occur with any currency. B. can occur to currencies with fixed exchange rates. C. can occur to currencies with floating exchange rates. D. are illegal and no longer occur.
Dead capital is
A) machinery that requires constant maintenance. B) any capital resource that lacks clear title of ownershi