The long-run result of government intervention in responding to a recession is:
A. lower level of output at the same prices.
B. higher level of output at lower prices.
C. higher level of output at higher prices.
D. the same level of output at higher prices.
Answer: D
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An article on how prices in South Bend, Indiana rise during Notre Dame home football games noted: "For the Sept. 16 game against the University of Michigan, the South Bend Marriott is charging $649 a night for a double room
The Marriott's regular weekend price is $149 a night." Which of the following statements is true? A) The Marriott has adopted this pricing strategy to capitalize on arbitrage profits. B) There is no evidence of price discrimination; the Marriott is responding to increased demand for hotel rooms in the face of constant supply. C) The Marriott is practicing first-degree price discrimination by charging what the market will bear. D) This is evidence of third-degree price discrimination because hotel accommodation on a particular day is not a product that can be resold later.
Price elasticity of demand measures the responsiveness of quantity demanded in a market to a change in price
a. True b. False Indicate whether the statement is true or false
In the United States, calculation of gross domestic product is conducted by the ________
A) Council of Economic Advisors B) Bureau of Economic Analysis C) Census bureau D) Chief Financial Officer's Council
When the labor market is at full employment
A) real GDP equals potential GDP. B) the price level is stable. C) the price level equals the potential price level. D) the short run aggregate supply curve is horizontal.