Nominal GDP is $15 trillion and real GDP is $10 trillion. What is the GDP deflator? Show your work
The GDP Deflator = Nominal GDP/Real GDP = 100 x $15 trillion/$10 trillion = 150.
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As people have more time to adjust to changes in a good's price,
A) the demand curve will become less elastic. B) the supply curve will become less elastic. C) both the demand and supply curves will become less elastic. D) both the demand and supply curves will become more elastic.
Targeting money growth will lead to stable output growth only if
a. money demand and velocity change proportionally with output. b. fiscal policy remains unchanged. c. money demand and velocity are stable. d. the IS curve is steep.
Perfect competition and monopolistic competition are similar because under both market structures,
A. there are many firms. B. production takes place at the least-cost combination. C. differentiated products are produced. D. entry is difficult.
Dramatically redistributing income from the rich to the poor could make society worse off
a. True b. False Indicate whether the statement is true or false