Which of the following best describes the conditions during the Great Depression?
What will be an ideal response?
Both real GDP growth and inflation were negative.
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Recent tests suggest that the Leontief Paradox has been completely resolved
Indicate whether the statement is true or false
You have just been hired as a business consultant to determine what pricing policy would be appropriate to increase the total revenue of a bakery. The first step you would take would be to
a. increase the price of every loaf of bread in the store. b. look for ways to cut costs and increase profit for the bakery. c. determine the price elasticity of demand for the bakery's products. d. determine the price elasticity of supply for the bakery's products.
If the demand for light bulbs increases, producer surplus in the market for light bulbs
a. increases. b. decreases. c. remains the same. d. may increase, decrease, or remain the same.
Farmer Brown sells her wheat in a perfectly competitive market. Suppose the current market price of wheat is $2.50 per bushel.
A. Farmer Brown can sell as much wheat as she likes at $2.50 per bushel. B. Farmer Brown can charge any price for her wheat, but will maximize profit if she sells for less than $2.50. C. Farmer Brown should charge more than $2.50. D. Farmer Brown can charge more than $2.50 and still sell some wheat.