Nominal output is the ________ of goods and services, and real output is the ________ of goods and services.
A. actual amount; dollar value
B. dollar value; actual amount
C. dollar value with inflation; dollar value
D. actual amount; dollar value with inflation
Answer: B
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A vertical demand curve for a particular good implies that consumers are
A) sensitive to changes in the price of that good. B) not sensitive to changes in the price of that good. C) irrational. D) not interested in that good.
A classical model of the economy predicts
A) full employment in the long run. B) a 15 to 20 percent unemployment level whenever the economy is in equilibrium. C) the same unemployment rates as the Keynesian model. D) cyclical changes in the unemployment rate.
If income rises, most consumers will increase the quantity demanded of an inferior good
a. True b. False Indicate whether the statement is true or false
A monopolist's total profit is shown by the difference between price and average cost per unit times the number of units sold
a. True b. False Indicate whether the statement is true or false