<span>Since real GDP goes up by 1% and price level goes up by 3%, nominal GDP must go up by 3%. This is because real GDP is measured based off a base year's prices, but nominal GDP is not encumbered by such a price basis. Since the price level goes up by 3% (and 3/1 is 3), then nominal GDP goes up by 3% as well since the real GDP level only goes up by 1%.</span>
In resources at her school or public library
~Apex
Answer:
e. An improvement in technology
Explanation:
The production possibilities frontier shows the various combinations of two goods an economy can produce given an amount of resources.
A change in the combination of goods produced and an increase in opportunity costs leads to a movement along the curve.
A reduction in the size of the labor force causes the production possibility frontier to shift inward.
I hope my answer helps you
Answer: $80
Explanation:
Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.
If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.
The opportunity cost of writing a term paper is $80 that she values by going out with a friend and it is the higher cost alternative.