The money value of all trading activity (Q) at market prices (P) is called Gross Domestic Product for a given year
Indicate whether the statement is true or false
True
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The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, the deadweight loss will be
A) $1,000,000. B) $500,000. C) $250,000. D) $125,000.
Protectionism arises because
a. people misunderstand the benefits of free trade b. trade generally harms some groups in society c. the costs of free trade outweigh the benefits for all groups in society d. the costs of trade for both exporting and importing nations outweigh the benefits e. of a lack of comparative advantage
Sellers respond to a shortage by cutting their prices
a. True b. False Indicate whether the statement is true or false
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.