One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. domestic production (cooking, laundry and such) are not counted.
B. things produced by people under 18 are not counted.
C. quality has remained steady.
D. people substitute between goods.
Answer: A
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An increase in total planned real expenditures that is caused by a factor other than the price level will lead to the
A) aggregate demand curve shifting to the right. B) aggregate demand curve shifting to the left. C) aggregate supply curve shifting to the left. D) aggregate supply curve shifting to the right.
The cost to a firm of producing one more unit of output
A) usually exceeds the firm's price. B) is significantly less than the firm's price for purely competitive firms operating in long-run equilibrium. C) usually equals the firm's price for monopolistically competitive firms. D) is the firm's marginal cost.