If a macroeconomist aggregates many markets into one, then
a. individual market differences are eliminated.
b. one must not confuse ravioli and hot dogs.
c. she is performing a meaningless exercise.
d. differences between products must still be noted.
a
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If GDP is currently $13 trillion and is growing at a rate of 2.3% per year, how long will it take GDP to reach $26 trillion?
A) about 15 years B) about 17 years C) about 25 years D) about 30 years
Under a gold standard, a continual balance of surplus in any country can be sustained only as long as the country's gold reserves hold out
Indicate whether the statement is true or false
Entry barriers are most significant in
A) pure competition. B) monopolistic competition. C) oligopoly. D) pure monopoly.
Rhonda has started a new job that almost doubles her income. She walks past the inexpensive ramen in the grocery store and thinks, “Well, I don’t have to eat that anymore!” Instead, she purchases some fresh vegetables and a steak. To Rhonda, the ramen falls into the category of _____________, because now that she can afford better, she doesn’t want it.
a. normal goods b. temporary goods c. inferior goods d. nonutility goods