If the cost of production of the firms in a perfectly competitive market differs the resulting long-run supply curve will be an upward rising step function

Indicate whether the statement is true or false

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Economics

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First, define nominal GDP and real GDP. Second, is it possible for nominal GDP in a year to be less than real GDP in the same year? Explain

What will be an ideal response?

Economics

Assume that an economy's real GDP multiplier is 2 and that this economy is in equilibrium at $500 billion. If the government wants to move this economy to full-employment at $600 billion, while maintaining a balanced budget, it must choose which of the following options?

a. Increase government spending and taxes by $100 billion b. Decrease government spending and taxes by $100 billion c. Increase government spending and taxes by $200 billion d. Decrease government spending and taxes by $200 billion

Economics