If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Price index falls, and real GDP falls.
b. Price index falls, and the change in real GDP is uncertain.
c. The change in price index is uncertain, and real GDP rises.
d. The change in price index is uncertain, and real GDP falls.
e. Neither the price index nor real GDP changes.
.D
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Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward. B) the supply of snowboards is price elastic. C) some firms entered into the snowboard industry. D) All of the above answers are correct.
Which is an important aspect of the perfectly competitive market that leads to long run equilibrium?
A) perfect information B) freedom of entry and exit C) price taking behavior D) homogeneous products
Group price discrimination results in social welfare that ________ under a single-price monopoly
A) is greater than B) is lower than C) is the same as D) might be greater or might be lower than
According to The Silent Language written by E. T. Hall, there are three anthropological models of time. Which of the following is not one of them?
a. Procedural-traditional b. Linear-separable c. Circular-traditional d. Spatial-sequential