In the Airline Pricing Strategies case discussed in the text, a product with fewer rules and restrictions can command a higher price
Indicate whether the statement is true or false
TRUE
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Intermediate goods, like milk sold by a farmer to a supermarket, are
A. included in GDP. B. included in GDP at market value. C. included if it is imported. D. are not included in GDP.
The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencySwitzerland(franc)1.730.578Brazil(real)1.821.549Based on these data, the nominal exchange rate equals approximately ________ reals per Swiss franc or, equivalently, ________ Swiss francs per real.
A. 3.551; 0.282 B. 0.950; 1.053 C. 0.282; 3.551 D. 1.053; 0.950
Economists use the phrase "business cycle" when referring to fluctuations in:
A. real GDP. B. the chain price index. C. the consumer price index. D. the general level of prices.
Which of the following decreases aggregate supply?
A. an increase in educational attainment B. discoveries of new natural resources C. an increase in competition D. a decrease in labor supply