If nominal GDP rises from $5 billion to $6 billion, when the GDP deflator goes from 100 to 130, real GDP
a. rises
b. falls.
c. stays the same.
d. could either be rising or falling.
b
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Total factor productivity is
a. changes in amounts of factors of production b. changes in output due to changes in the amount of factors of production c. changes in output due to changes in productivity of factors of production d. changes in productivity of factors of production due to changes in other factors e. none of the above
Teenage unemployment rates have consistently been much higher than the overall unemployment rate and black teenagers have fared worse than white teenagers
a. True b. False Indicate whether the statement is true or false
A tax on buyers
What will be an ideal response?
Demand is a schedule that shows
A. how much income it takes to afford various quantities of a good. B. a set of possible prices for a good and the quantities of the good that will be purchased at each of those prices. C. the relationship between the cost of producing a good and the price that sellers will charge. D. how population changes will affect the amount of a good that is needed.