Charging different prices to different buyers for different products is called price discrimination.
Answer the following statement true (T) or false (F)
False
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Suppose Ford Motor Company produced and sold $50 million 2015 model-year pickup trucks during the last half of 2014. How would this affect GPD?
A) 2014 GDP would remain unchanged, and 2015 GDP would rise by $50 million. B) 2014 GDP would rise by $50 million, and 2015 GDP would not be affected. C) Both 2014 and 2015 GDP would rise by $25 million. D) Trick question: 2015 model-year vehicles can't be produced and sold in 2014.
If we knew that nominal GDP was currently $7500 billion, and that current GDP in dollars of 1992 purchasing power was $5000 billion, what would we know about the GDP deflator?
A) It would be .667. B) It would be 150. C) Nothing until we had current information on the price level, such as consumer price index figures. D) Only that a dollar buys more currently than it bought in 1992. E) Only that a dollar currently buys less than it bought in 1992.
Which of the following is FALSE?
a. To reduce cannibalization among products, make the products more homogenous b. After acquiring a substitute product, raise prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above
Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?
a. an increase in the labor force b. an increase in unemployment c. development of an improved technological method of production d. a decrease in the stock of physical capital