In an economy with persistent inflation,
a. real GDP will grow faster than nominal GDP.
b. nominal GDP will grow faster than real GDP.
c. nominal and real GDP will grow at the same rate.
d. nominal and real GDP will both fall.
B
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Compared to the perfectly competitive outcome, monopolistically competitive markets will result in:
a. a wider variety of products and higher prices. b. less product variety and higher prices. c. a wider variety of products and lower prices. d. less product variety and lower prices.
The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
a. money laundering. b. the underground economy. c. disposable personal income. d. indirect national income. e. unreported capital consumption.
Centralization of all decision making in an organization is essential to protect the interests of its shareholders
Indicate whether the statement is true or false
If consumers expected the price of a good to increase in the near future and the price of a complement good decreased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. both prices and quantities exchanged would increase.