If nominal GDP rises from $550 billion to $600 billion, then
A. The economy has definitely experienced inflation.
B. The economy has definitely experienced economic growth.
C. The economy has definitely not experienced economic growth.
D. It is not possible to determine if the economy has experienced economic growth or inflation.
Answer: D
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Game theory can be used for studying which of the following types of market structure?
A) monopoly B) monopolistic competition C) oligopoly D) perfect competition
Joe, a hair dresser, offers students a discount price on haircuts. This form of pricing is an example of
A) a marginal cost pricing rule. B) an average cost pricing rule. C) price discrimination. D) perfect price discrimination.
The wartime demand for manufacturing goods directly impacted the economy in which of the following ways?
(a) Increased demand for factory workers (b) Increased demand for imported goods (c) Decreased demand for agricultural goods (d) All of the above
If a chemical factory causes noxious fumes to be emitted in the neighborhood, a third party would be:
a. workers at the factory. b. factory managers. c. chemical customers. d. local homeowners. e. owners of the factory.