An aggregate production function shows the relationship between
A) real GDP and leisure.
B) real GDP and the quantity of labor employed.
C) leisure and unemployment.
D) real GDP and unemployment.
B
Economics
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Refer to Figure 2-10. In the circular flow diagram, economic agents M represent
A) product markets. B) firms. C) factor markets. D) households.
Economics
When the BEA calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year to year, this is called calculating GDP using
A) current-year prices. B) fixed-weight prices. C) fixed base-year prices. D) chained-weighted prices.
Economics