Changes in nominal GDP reflect
a. only changes in prices.
b. only changes in the amounts being produced.
c. both changes in prices and changes in the amounts being produced.
d. neither changes in prices nor changes in the amounts being produced.
c
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Pizza Hut pizza has more close substitutes than does food in general. The price elasticity of demand for Pizza Hut pizza is ________ the price elasticity of demand for food in general
A) not comparable to B) greater than C) less than D) the same as
In a general equilibrium model
A) all markets but one clear. B) there are no fluctuations. C) all prices are exogenous. D) all prices are endogenous.
Tax wedge is the difference between tax induced price paid by customer and the tax amount
A. True B. False C. Uncertain
An individual purchasing goods and services will allocate his expenditures so that the pleasure he gets out of spending one more dollar is the same no matter what he spends that dollar on. For a firm purchasing resources, this is the same as ensuring that:
a. the ratio between marginal revenue product and the marginal factor cost is equal for all the resources used. b. the marginal revenue product of the resources are equal. c. the marginal factor cost of the resources are equal. d. the ratio between marginal revenue product and the marginal factor cost is greater than one for all resources. e. the marginal revenue product is greater than the marginal factor cost of all resources.