When economists speak of changes in GDP measured in constant dollars, they mean that:
a. money GDP is constant.
b. the price level is constant.
c. a price index has been used to adjust money GDP for the effects of inflation.
d. the growth rate of money GDP has been adjusted for changes in population.
c
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Which of the following is not an example of agenda control?
a. The assignment of members of Congress to committees. b. Determination of the ballot language of a tax-and-expenditure limitation initiative. c. Special interests deciding which members of Congress deserve their attention. d. The majority caucus decides who can run for Speaker of the House of Representatives.
Perfectly competitive markets have absolutely no drawbacks
a. True b. False Indicate whether the statement is true or false
If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes
a. True b. False Indicate whether the statement is true or false
When American companies buy office buildings in Australia, they are generating a
A. Demand for U.S. dollars and a supply of a foreign currency. B. Demand for U.S. dollars and a demand for a foreign currency. C. Supply of U.S. dollars and a demand for a foreign currency. D. Supply of U.S. dollars and a supply of a foreign currency.