Real GDP is measured in ________ prices; nominal GDP is measured in ________ prices.
A. current; current
B. current; base year
C. base year; base year
D. base year; current
Answer: D
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Q: How many economists does it take to screw in a light bulb?
A: None. If the light bulb really needed changing, market forces would have already caused it to happen. This joke represents the view of A) Keynesian economists. B) classical economists. C) economists who conclude that wages and prices are inflexible. D) economists who conclude that money illusion is widespread.
The statement that "demand increases" means that there is a
A) movement to the right along a demand curve. B) movement to the left along a demand curve. C) rightward shift of the demand curve. D) leftward shift of the demand curve.
If ration coupons are used to determine who gets the products available, what happens if the government allows individuals to trade them?
What will be an ideal response?
Economists can illustrate an uneven distribution of income by sketching a Lorenz curve that lies above the diagonal
a. True b. False Indicate whether the statement is true or false