When real GDP is in equilibrium with no government and no international trade
A. unplanned inventories are increasing.
B. real planned investment spending equals real planned saving.
C. real planned investment equals real planned consumption spending.
D. unplanned inventories are decreasing.
Answer: B
Economics
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Based on the production and revenue data in the above table, what is the price of the product?
A) $100 B) $10 C) $1 D) More information is needed to determine the price of the product.
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When the representative firm maximizes profits
A) production is at its maximum. B) the slope of the production function is at its flattest. C) labor costs are minimized. D) the marginal product of labor equals the wage.
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