Author Question: If real gross domestic product (GDP) for a particular year is 5 trillion and the GDP price index for ... (Read 65 times)

RRMR · **on:** Jun 30, 2018

If real gross domestic product (GDP) for a particular year is 5 trillion and the GDP price index for that year is 136, the nominal gross domestic product (GDP) for that year is _____.
a. 3.7 trillion
b. 4 trillion
c. 6.8 trillion
d. 27 trillion
e. 68 trillion

Question 2

The MFC curve increases for a monopsonist because:
a. hiring more workers raises total labor costs.
b. output price rises as a firm's market power increases.
c. hiring more workers does not affect wages.
d. the later workers hired are less productive.
e. as more workers are hired, all workers receive higher wages.