The growth rate of real GDP equals
A) [(real GDP in previous year - real GDP in current year) ÷ real GDP in previous year] × 100.
B) [(real GDP in current year - real GDP in previous year) ÷ real GDP in previous year] × 100.
C) [(employment in the current year - employment in previous year)/employment in previous year] × 100.
D) (real GDP in current year - real GDP in previous year) × 100.
E) [(real GDP in current year - real GDP in previous year) ÷ real GDP in current year] × 100.
B
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If a firm is a profit maximizer and faces positive marginal costs,
A) there is a natural limit to the size of the firm, where MR = 0. B) there is no natural limit to the size of the firm; it can be as large as it wants to be. C) there is a natural limit to the size of the firm, where MR > 0. D) there is no natural limit to the size of the firm, hence the need for government regulation.
Which of the following types of unemployment can exist in an economy that is at its potential output level?
a. cyclical unemployment only b. structural unemployment only c. frictional, cyclical, and seasonal unemployment only d. frictional, seasonal, and structural unemployment only e. there will be no unemployment in an economy that is at the potential output level