Changes in real GDP reflect
a. only changes in prices.
b. only changes in the amounts being produced.
c. both changes in prices and changes in the amounts being produced.
d. neither changes in prices nor changes in the amounts being produced.
b
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All else constant, a cartel agreement will become more difficult to enforce as the number of firms competing the market increases and the members of the cartel produce a differentiated product
Indicate whether the statement is true or false
Because employment actually continued to fall at the beginning of the recoveries that began in 1991, 2001, and 2009, these recoveries have come to be known as
A) pseudo recoveries. B) non-recoveries. C) double-dip recoveries. D) jobless recoveries.
Inventory accumulation occurs whenever
a. output is less than spending. b. output exceeds spending. c. investment exceeds saving. d. a deficit budget occurs.
What is the definition of producers' surplus?
A) price received minus maximum selling price B) maximum selling price minus price received C) price received minus minimum selling price D) highest price minus lowest price E) none of the above