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Questions and Answers
Marginal cost is the change in total production cost that comes from producing one additional unit.
Marginal cost is the change in total production cost that comes from producing one additional unit.
True (A)
Marginal cost is the change in total production cost that comes from making producing one less unit.
Marginal cost is the change in total production cost that comes from making producing one less unit.
False (B)
Marginal cost is the change in total production cost that comes from producing multiple additional units.
Marginal cost is the change in total production cost that comes from producing multiple additional units.
False (B)
Nominal GDP refers to the GDP at constant prices.
Nominal GDP refers to the GDP at constant prices.
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Nominal GDP is the market value of goods and services produced in a country in a specific year.
Nominal GDP is the market value of goods and services produced in a country in a specific year.
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Nominal GDP is calculated by adjusting the GDP for inflation.
Nominal GDP is calculated by adjusting the GDP for inflation.
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