Refer to Table 19-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
D
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Patents encourage firms to engage in innovation.
Answer the following statement true (T) or false (F)
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A. the same. B. greater. C. smaller. D. either greater than or less, depending on the number of substitutes the good has.
When actual inflation is greater than expected inflation
A) the natural rate of unemployment rises, according to Phillips-curve analysis. B) cyclical unemployment rises, according to Phillips-curve analysis. C) there are transfers from borrowers to lenders. D) there are transfers from lenders to borrowers.
In the long run, a monopolistic competitor: a. earns a normal rate of return
b. sells a level of output at which marginal revenue is less than price. c. sells a level of output at which marginal revenue equals marginal cost. d. is characterized by all of the above.