To differentiate between nominal GDP and real GDP in the year 2000 we need to know all except
a. the quantity of goods produced in 2000
b. the price level in 2000
c. the quantity of goods and services produced in the base year
d. the quantity of services produced in 2000
e. the price level in the base year
C
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According to Okun's Law, for each 1 percentage point that the unemployment rate is above the natural unemployment rate, then
A) the inflation rate is greater than the expected inflation rate by 2 percentage points. B) real GDP is above potential GDP by 2 percent. C) real GDP is below potential GDP by 2 percent. D) the real interest rate is below the natural real interest rate by 1 percentage point. E) the inflation rate is less than the expected inflation rate by 1 percentage point.
If the price of 1 peso in dollars is 10 cents, the price of 1 dollar in pesos is
a. 10 pesos. b. 1 peso. c. 10 centavos. d. 100 pesos.
The U.S. Postal Service has a monopoly on the delivery of first-class mail due to
a. economies of scale. b. a lack of initiative on the part of competing firms. c. legal barriers limiting entry. d. control over an essential resource.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
In the long run, there will be ________ firms in this market.
A. 15 B. 25 C. 10 D. 50