Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:
a. 7 percent
b. 3 percent
c. 5 percent
d. 9 percent
c. 5 percent
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Staggered price setting ________
A) leads to frequent price adjustments B) occurs when firms fail to consider the behavior of their competitors C) is generally illegal D) all of the above E) none of the above
Who is most likely to benefit from rent controls?
A) consumers who are able to obtain apartments at the controlled rents B) consumers who are unable to obtain apartments at the controlled rents C) landowners who can lease the apartments at the controlled rents D) the government that controls the rents
When one person enjoys the benefit of a tornado siren, she reduces the benefit to others
a. True b. False Indicate whether the statement is true or false
What are private goods? Mention two important attributes of private goods.
What will be an ideal response?