Measuring total aggregate production in constant dollars uses which of the following measures?
A. nominal gross domestic product
B. nominal net domestic product
C. real personal income
D. real gross domestic product
Answer: D
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Federal government expenditures, as a percentage of GDP
A) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present. B) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present. C) have fallen since the early 1950s to the present. D) have risen since the early 1950s to the present. E) rose from 1950 to 2001 and then fell from 2001 to the present.
Along the 45-degree reference line
A) total planned real expenditures = real GDP. B) total planned real expenditures = planned nominal expenditures. C) total planned nominal expenditures = consumption. D) total planned investment spending = planned real expenditures.
Diminishing marginal product suggests that the marginal
a. cost of an extra worker is unchanged. b. cost of an extra worker is less than the previous worker's marginal cost. c. product of an extra worker is less than the previous worker's marginal product. d. product of an extra worker is greater than the previous worker's marginal product.
Say 6 homogenous consumers have individual willingness to pay P = 20 - 4Q. If the marginal cost of providing Q is 6Q, the optimal amount of Q is
A. 0. B. 2. C. 6. D. 4.