Which of the following always uses prices and quantities from the same period?
a. both nominal and real GDP.
b. nominal GDP but not real GDP.
c. real GDP but not nominal GDP.
d. neither nominal or real GDP.
b
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Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets imported?
What will be an ideal response?
If a price ceiling is not binding, then a. the equilibrium price is above the price ceiling
b. the equilibrium price is below the price ceiling. c. it cannot be legally enforced. d. None of the above is correct because all price ceilings must be binding.
If you want to know the long-run equilibrium output of one perfectly competitive firm, and you are permitted to see only one curve, which one below is most helpful?
A. Demand B. Marginal Cost C. Average total cost D. Average Fixed cost E. Average Variable cost
The above figure shows the apartment rental market in Bigtown. If there is a shortage of 200,000 apartments in the Bigtown rental market, it might be because the Bigtown Housing Authority has imposed a rent
A) ceiling of $750.00 monthly. B) ceiling of $500.00 monthly. C) floor of $750.00 monthly. D) floor of $500.00 monthly.