The data presented in the text shows that in the period from 1947-2013, real GDP in the United States has:
A. increased substantially.
B. decreased in every year since 1947.
C. decreased only in recent years.
D. generally remained the same.
Answer: A
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As shown in the figure above, the rent ceiling
A) decreases consumer surplus. B) increases producer surplus. C) decreases deadweight loss. D) increases the quantity of housing rented. E) is efficient.
The formula for calculating the CPI is
A) (Expenditures in the current year × Expenditures in the base year)/100. B) (Expenditures in the base year/Expenditures in the current year). C) (Expenditures in the base year × 100)/(Expenditures in the current year). D) (Expenditures in the current year/Expenditures in the base year) × 100.
Price-cap regulation not only motivates cost control, it can also motivate socially desirable pricing
Indicate whether the statement is true or false
When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have
A) monopoly pricing. B) marginal cost pricing. C) price discrimination. D) price differentiation.