Higher unemployment tends to be associated with
A) the classical model.
B) higher real GDP.
C) higher nominal GDP.
D) lower real GDP.
D
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Suppose fish steak and spaghetti are the only alternatives available during lunch hours at an office cafeteria. If a nominal change in the price of fish steak brings about a prominent change in the demand for spaghetti we can conclude that the latter has a high demand elasticity
Indicate whether the statement is true or false
Refer to the above graph. Consider a monopolist in short-run equilibrium. This monopolist has total fixed cost equal to area:
A. ABED. B. ADFC. C. 0CFQ. D. BEFC.
An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a
A) patent. B) barrier to entry. C) monopoly. D) research disincentive.
The so-called pork-barrel politics refers to congressional members:
A. Trading votes with one another B. Receiving perks and freebies from businesses trying to sway their votes C. Paying close attention to the vocal special interest groups D. Inserting provisions for local narrow projects into comprehensive legislation