Author Question: Suppose the real gross domestic product (GDP) equals 100 billion this year and the nominal gross ... (Read 76 times)

jho37 · **on:** Jun 30, 2018

Suppose the real gross domestic product (GDP) equals 100 billion this year and the nominal gross domestic product (GDP) is 200 billion. This implies that the price level has increased by _____.
a. 200 billion
b. 50 percent
c. 100 billion
d. 100 percent
e. 200 percent

Question 2

In a monopsonistic labor market, workers are paid a wage:
a. below their MRP.
b. equal to the intersection of MRP and S.
c. equal to the MFC.
d. equal to the price of the output.
e. above their MFC.