An increase in output will tend to
a. increase productivity in the economy as a whole
b. reduce prices of non-labor inputs and other commodities in limited supply in the short run
c. increase real wage rates
d. increase nominal wage rates
e. decrease the price level
D
Economics
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How do governments use spending and taxation to reduce inequality and poverty in an economy?
What will be an ideal response?
Economics
This year, Tom sold his 1998 minivan to Honest John's Used Car Emporium for $5,000 . Honest John then sold the van to Bob for $7,000 . How much would be recorded in GDP this year from these transactions?
a. $0 b. $2,000 c. $5,000 d. $7,000 e. $12,000
Economics