What is the term for a price index that measures average prices of all goods and services included in the economy?
a. Real value
b. Nominal value
c. GDP deflator
d. GDP inflator
c. GDP deflator
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A monopolist produces in the elastic segment of its demand curve because when it lowers the price
A) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue increases. B) the percentage change increase in quantity demanded is less than the percentage change decrease in price and total revenue increases. C) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue decreases. D) the percentage change decrease in quantity demanded is less than the percentage change decrease in price and total revenue increases.
As a substitute for laboratory experiments, economists use evidence available through history's
The main reason for the high price of antiques is that:
A. supply is relatively elastic and demand increases over time. B. demand is relatively inelastic and supply increases over time. C. demand is relatively elastic and supply increases over time. D. supply is relatively inelastic and demand increases over time.
In recent years the discussions of the causes of recessions have focused on monetary policy and higher oil prices as the likely causes. Discuss how we can get insight into the likely cause by focusing on macroeconomic variables.
What will be an ideal response?