The law of increasing additional cost exists because
A) resources are not perfectly adaptable to both production processes.
B) the demand for the product increases.
C) the cost of resources of the products increase.
D) the cost of resources of the products decrease.
Answer: A
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According to the BEA, in the second quarter of 2012 nominal GDP rose by 3.3 percent and real GDP rose by 1.7 percent. The difference between the change in nominal GDP and the change in real GDP could be explained by
A) an increase in prices of final goods and services produced. B) a decrease in prices of final goods and services produced. C) an increase in quantity of final goods and services produced. D) a decrease in quantity of final goods and services produced.
Long-term debt has a maturity that is
A) between one and ten years. B) less than a year. C) between five and ten years. D) ten years or longer.