The saving rate equals saving divided by:
A. income.
B. assets.
C. wealth.
D. liabilities.
Answer: A
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Which of the following is an example of a product that is excludable and nonrival?
A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event
Suppose there are two market structures: A and B. Market A is characterized by free entry and exit of firms and firms under this structure face a horizontal demand curve. Market B has only one seller. Identify the market structures
Comment on the pricing mechanism, long-run profitability, and social surplus under both market structures.
There is an inverse relationship between inflation and unemployment in the short run and this can be seen as an
A. example of the equality-efficiency trade-off. B. example of the impact of comparative advantage. C. example of macroeconomic policy choices. D. example of an externality. E. example of the use of abstraction in economic analysis.
Why is it important to distinguish nominal GDP from real GDP?
What will be an ideal response?