Considering perfect competition, monopolistic competition, and monopoly, which of the market structures features entry in the long run?
perfect competition
monopolistic competition
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The GDP deflator reflects the prices of all goods and services produced around the world, whereas the consumer price index reflects the prices of all goods and services bought by consumers
a. True b. False Indicate whether the statement is true or false
If the United Kingdom imports tea cups from other countries, then U.K. producers of tea cups are better off, and U.K. consumers of tea cups are worse off, as a result of trade
a. True b. False Indicate whether the statement is true or false
Use the following table for a hypothetical single-product economy. year units of output price per unit price index (1=100) 1 10 10 100 2 12 20 200 3 15 30 300 4 20 40 400 Refer to the above data. Nominal GDP in year 3 is:
a) $100. b) $450. c) $225. d) $150.
Which of the following examples would most likely not be included in the GDP?
a. Mats critiques manuscripts for a publisher. b. Chiara writes a book review for a magazine. c. Nicole copyedits a research paper for her husband. d. Oskar does research for a professor.