The most common estimate of the value of transactions used to estimate velocity is
a. real GDP.
b. total sales.
c. nominal GDP.
d. cash balances.
c
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Which of the following was a basic feature of the Tax Relief Act of 2001?
A. Tax relief for the rich. B. More tax brackets. C. Reduced marginal rates. D. A shift from corporate to personal taxes.
Which of the following statements is consistent with the views of Joseph Schumpeter?
A) Research and development by competitive firms is responsible for most technological changes. B) An economy benefits from firms having market power because these firms are more likely to be able to commit funds for research and development. C) Enforcement of antitrust laws is necessary to promote competition among firms. D) A lack of competition discourages firms from developing new technologies.
Refer to Figure 9-3. What is the area of consumer surplus after the imposition of the quota?
A) A B) G + H C) A + G + H D) G + H + E + I+ J + M
A hotel with market power charges customers who check in before 5:00 pm more than those who check in after 5:00 pm. Those who check in early are much more likely to use the hotel's pool
Explain why this price difference may not be price discrimination.