If real GDP in 2002 is $10 trillion, and in 2003 real GDP is $9.5 trillion, then real GDP growth from 2002 to 2003 is
A) 0.5%.
B) 5%.
C) 0%.
D) -5%.
D
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A regulated monopoly facing average cost pricing rule will make the same profit as a firm in ________ market does in the long run
A) an unregulated monopoly B) an oligopoly C) a perfectly competitive D) All of the above answers are correct.
Discuss the practical difficulties associated with practicing perfect price discrimination
What will be an ideal response?
A financial account surplus necessarily implies
A) a balance of payments surplus. B) a current account surplus. C) a current account deficit. D) an increase in the nation's official reserve assets.
The average fixed cost (AFC) curve
A. Declines as long as output increases. B. Intersects the marginal cost curve at its minimum point. C. Is intersected at its minimum point by marginal cost. D. Is U-shaped as a result of diminishing returns.