Nominal gross domestic product (GDP) is a better measure of growth in production than real GDP
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Because the monopolist doesn't pay attention to the willingness to pay of inframarginal consumers:
A. there can sometimes be a difference between what level of product quality is profitable for the monopolist and what level of product quality maximizes aggregate surplus. B. the monopolist will choose the optimal level of product quality. C. the quantity chosen by the monopolist will sometimes maximize aggregate surplus. D. there can never be a difference between the marginal cost of higher product quality and the marginal value to consumers of higher product quality.
The J-curve effect that results from currency depreciation results is due to
A) the initial effect having positive effects on the current account balance. B) the value of imports increasing by more than the value of exports at the time of devaluation. C) exports and imports being totally unresponsive to changes in exchange rates. D) decreases in the dollar price of imports.
In industries where government regulates price, individual firms often engage in product differentiation.
Answer the following statement true (T) or false (F)
Refer to above figure. In autarky, Country P was producing at point 5. With trade, would its production point be found above or below point 5? Explain why
What must happen in the K/L intensity ratio in the production of each of the products in this country when moving from autarky to free trade?