Assume that between 1998 and 2008, nominal GDP increased from $7 trillion to $12 trillion and that the price index rose from 100 to 133.3 . Which of the following expresses GDP for 2008 in terms of 1998 prices?
a. $7.5 trillion
b. $9.0 trillion
c. $9.5 trillion
d. $16.0 trillion
B
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A perfectly competitive firm
A) sells a product that has perfect substitutes. B) has a perfectly inelastic demand. C) has a perfectly elastic supply. D) Answers A and B are correct. E) Answers A and C are correct.
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
The evidence shows that the domestic and world markets for American cotton contributed to the spread of slavery into new lands
Indicate whether the statement is true or false
Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist. B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller. C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market. D) The price outcome is easily determined.