Shortages normally accompany an effective price floor.
Answer the following statement true (T) or false (F)
False
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Prior to 1996 the government measured real GDP using 1987 prices
What would the rapid growth in computers and the fall in computer prices tend to do to the difference between true GDP growth and measured real GDP growth, relative to using a later year?
Since World War II, the Federal Reserve has not been involved in carrying out monetary policy
Indicate whether the statement is true or false
A mostly filled movie theatre is an impure public good
a. True b. False
If a firm has a monopoly over the sale of camera drones and seeks to maximize profits, it:
A. adjusts the price of the product until demand becomes perfectly inelastic. B. will set the price of the product so that its marginal revenue equals its marginal cost. C. will set the price of the product equal to the marginal cost of production. D. will set the price of the product equal to the average total cost of production.