If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP price index for that year is:
a) 100.
b) 200.
c) 240.
d) 300.
d) 300.
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Which of the following has a direct relationship rather than an inverse relationship with the supply curve?
a. The number of sellers. b. Resource prices. c. Consumer income. d. Prices of other goods that firms could produce.
It is difficult to empirically test alternative macroeconomic models against one another because
A. macroeconomic models are always expressed in scientific terms. B. macroeconomic models cannot be expressed in mathematical terms. C. macroeconomic models do not predict the same outcomes from policies. D. macroeconomic models differ in ways that are hard to standardize for.
In the game theory model of oligopoly,
a. firms will be successful in colluding to raise prices b. one firm raises its prices, and other firms follow suit c. firms will match other firms' price cuts but not their price increases d. firms may attempt to avoid the worst outcome but may achieve a less-than-optimal outcome e. firms never avoid the worst outcome
A firm in short-run equilibrium always earns positive profits if
a. AC > P > AVC. b. AR > AC. c. MR = MC. d. AC > MC.