A price index in years beyond the base year:
A. is never 100.
B. can be less than, greater than, or equal to 100.
C. is always less than 100.
D. is always greater than 100.
Answer: B
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The real-nominal principle can be stated as
A) only final goods and services should be counted in GDP. B) only the manufacture of real goods is production. C) what matters to people is the purchasing power of money or income. D) production generates income.
If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is
A) -1. B) 1. C) -2. D) 2. E) 100 percent.
Which of the following is an example of a geographic monopoly?
a. a store in Childersburg that sells only shoelaces b. the only gas station in a radius of one mile c. a store in Sycamore that sells only scrap metal d. the only restaurant in a radius of 200 miles
When OPEC cut energy production in 1973, the aggregate supply curve shifted outward.
Answer the following statement true (T) or false (F)