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 _____

If the wage rate paid in the fast-food outlets in a small town is greater than the reservation wage of all the teenagers in the town and less than the reservation wage of all the adults, then the fast-food outlets will hire ________

A) mostly adults and a few teenagers B) some adults and some teenagers C) only adults D) only teenagers

Marginal utility is defined as the

a. average amount of satisfaction gained from consuming a good b. total amount of satisfaction gained from consuming a good c. additional satisfaction gained from consuming one more unit of a good d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed e. total amount of satisfaction gained from consuming a good times the number of goods consumed