Refer to the graph below which shows the import demand and export supply curves for two nations that produce a certain product. Lines 6 and 8 apply to one nation and represent, respectively:
A. Import demand and export supply
B. Export supply and import demand
C. Domestic supply and domestic demand
D. Domestic demand and domestic supply
B. Export supply and import demand
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Price discrimination is based on observable customer characteristics:
A. when a firm can distinguish consumers with a high versus low willingness to pay. B. when a firm offers a menu of alternatives, designed so that different customers will make different choices based on their willingness to pay. C. when a monopolist knows perfectly the customer's willingness to pay for each unit its sells and can charge a different price for each unit. D. in all cases.
Core inflation is measured because the prices of:
A. food and energy costs fluctuate frequently and can distort actual changes in the cost of living. B. retail consumption items fluctuate frequently and can distort actual changes in the cost of living. C. nondurable goods fluctuate more frequently than the prices of durable goods; therefore, removing them from the basket prevents potential distortion. D. durable goods fluctuate more frequently than the prices of nondurable goods; therefore, removing them from the basket prevents potential distortion.
When real GDP grows more slowly than potential GDP,
a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises.
Why did Communist governments use a command economic system for many years?
a. as a way to avoid the expense and difficulties of a free market b. as a method of keeping consumers from getting what they wanted c. to limit the costs of production of many goods d. in an attempt to create a society in which everyone was equal