Refer to Table 8-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
D
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Refer to Scenario 10.4. Suppose that the municipal stadium authority imposes a tax of $10 per ticket on the concert promoters. Given the information above, the profit maximizing ticket price would
A) increase by $10. B) increase by $5. C) not change. D) decrease by $5. E) decrease by $10.
Scarcity is: a. only a problem in modern industrialized economies
b. only a problem in impoverished economies. c. only a problem in centrally planned economies. d. a problem that necessitates making choices and tradeoffs.
What is the difference between the short-run Phillips curve and the long-run Phillips curve?
a. The long-run Phillips curve is horizontal, indicating that the unemployment rate may change but inflation remains the same, whereas the short-run curve is vertical. b. The long-run Phillips curve slopes upward, indicating a positive relationship between the unemployment rate and inflation, whereas the short-run curve slopes downward. c. The long-run Phillips curve is vertical, indicating that the unemployment rate may change but inflation does not, whereas the short-run curve is positively sloped. d. The long-run Phillips curve is vertical, indicating that inflation may change but the unemployment rate does not, whereas the short-run curve is negatively sloped. e. The long-run Phillips curve is negatively sloped, indicating an inverse relationship between unemployment and inflation, whereas the short-run curve is vertical.
Briefly explain how a natural monopoly arises