A pecuniary diseconomy occurs when
A. supply exceeds demand.
B. higher output levels results in the same unit costs.
C. higher output levels results in lower unit costs.
D. an expansion of industry output increases the price of an input.
Answer: D
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Comparing nominal GDP of 2012 to nominal GDP of twenty years ago
A) is an inaccurate measure of the change in total production. B) has no economic meaning. C) will be an accurate measure of the change in total production. D) determines the extent to which the cost of living changed. E) cannot be done because the two GDP measures use different prices.
In the year 2012, Shinzo Abe became prime minister of Japan, promising bold policies to improve Japan's economy. What was the focus of his policies and how did they affect Japan's trade position?
What will be an ideal response?