Gross national income (GNI) is GDP converted into dollars using an average of currency exchange rates over several years adjusted for rates of inflation.
Answer the following statement true (T) or false (F)
True
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Explain what is meant by the terms "labor force," "unemployment rate," and "labor force participation rate."
What will be an ideal response?
What is true of the price elasticity of demand faced by a monopoly firm?
A) Demand is inelastic. B) Demand is more elastic at lower prices and more inelastic at higher prices. C) Demand is perfectly elastic because the monopolist has no competition. D) Demand becomes more elastic as the range of imperfect substitutes expands.
Kathryn chooses to go to college full-time rather than to work. Kathryn: a. is not part of the labor force
b. is part of the labor force and what economists call a discouraged worker. c. is part of the labor force, but not actively seeking work. d. is considered employed.
Which of the following can lead to the existence of an oligopoly within a particular market?
a. A combination of economies of scale and market demand that creates a barrier to entry b. The government granting a patent for an invention to a single firm c. Lack of room in the market for a firm to raise prices by a single penny d. The market requiring more products than all firms in the market can produce together