If the price of a textbook rises and then students purchase fewer textbooks, an economic model can show a cause-and-effect relationship only if which of the following conditions holds:
a. students' incomes fall.
b. tuition decreases.
c. the number of students increases.
d. everything else is constant.
e. the bookstore no longer accepts used book trade-ins.
d
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If prices have decreased since the base period, then
A) real GDP is smaller than nominal GDP. B) real GDP is larger than nominal GDP. C) real GDP is equal to nominal GDP. D) there is no way to adjust nominal GDP so that it equals real GDP. E) real GDP can no longer be compared to nominal GDP.
The IT industry in Techland has a Herfindahl-Hirschman Index of 1,320. This implies that the IT industry in Techland is ________
A) not concentrated B) moderately concentrated C) highly concentrated D) dominated by a few large buyers
The liquidity-money (LM) curve shows the alternative combinations of interest rates and real income that clears the money market
Indicate whether the statement is true or false
Suppose there is only one firm producing steel, one producing fiberglass, and one producing concrete. If steel and concrete are considered substitute goods in construction, while steel and fiberglass are considered substitute goods in auto production, there is no monopoly in the
a. steel market b. fiberglass market c. concrete market d. construction market e. boat market