In the market for a given product, when a price floor is set above the equilibrium price the result will be
A) more exchanges made in the market.
B) an increase in the supply of the product.
C) a decrease in the demand for the product.
D) a deadweight loss.
D
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Nominal GDP measures the value of all final goods and services at base-year prices
Indicate whether the statement is true or false
Forcing a natural monopoly to charge P = MC will not work
Indicate whether the statement is true or false
U.S. GDP and U.S. GNP are related as follows:
a. GNP = GDP - Income earned by foreigners in the U.S. + Income earned by U.S. citizens abroad. b. GNP = GDP + Income earned by foreigners in the U.S. - Income earned by U.S. citizens abroad. c. GNP = GDP + Value of exported goods - Value of imported goods. d. GNP = GDP - Value of exported goods + Value of imported goods.
When economists say wages are "sticky," they mean that they:
A. lead market trends, and other variables will stick to the wage rate and follow it closely. B. get stuck behind current market trends, and follow a typical two-week lag with changes in the economy. C. stick to current market trends, and adjust to equilibrium when changes in the economy occur. D. are slow to adjust to changes in the economy, and can cause unemployment.