The opportunity cost to a cab driver of taking the day off increases when
A) it rains.
B) more cabs enter the business.
C) the price of gasoline rises.
D) the weather is so pleasant everyone prefers to walk.
E) many other cabs are out on the streets.
A
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A competitive firm rents capital until the marginal product of capital equals the:
A. real wage. B. real rental price of capital. C. price of output. D. capital/labour ratio.
Which of the following could cause nominal GDP to increase, but real GDP to decrease?
A) The price level falls and the quantity of final goods and services produced falls. B) The price level falls and the quantity of final goods and services produced rises. C) The price level rises and the quantity of final goods and services produced falls. D) The price level rises and the quantity of final goods and services produced rises.