GDP can be found by:
A.) Adding the monetary value of all final goods and services produced during a given period of time.
B.) Adding the physical amount of all final goods and services produced during a given period of time.
C.) Taking the difference between exports and imports during a given period of time.
D.) Adding the value of all final output produced and measuring it in constant prices during a given period of time.
A.) Adding the monetary value of all final goods and services produced during a given period of time.
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Why is it the case that taxes in one market can have impacts on supply and demand in others and should policy makers take this into account when setting taxes?
What will be an ideal response?
Which of the following will cause a cartel to be unstable?
a. a small number of firms b. high barriers to entry c. sharply differentiated products d. lack of legal constraints
If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?
a. Price would increase, and quantity would decrease. b. Price would decrease, and quantity would decrease. c. Price would increase, and quantity would increase. d. Price would decrease, and quantity would increase.
Which of the following is true?
A. At the same price, demand is more elastic on the steeper demand curve. B. On a linear demand curve, elasticity is constant. C. On a linear demand curve, the higher the price, the less elastic is demand. D. None are true.