Imports are not included in GDP because they do not reflect output produced within the domestic economy
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the following graph. A decrease in supply is reflected as
a. a shift of the supply curve from S to S2.
b. a shift of the supply curve from S to S1.
c. a shift of the supply curve from S2 to S1.
d. a change in the quantity supplied from 5.2 to 8.2 million minutes when price is $12.50.
Your text refers to airlines as "The Kings of Price Discrimination." Why is price discrimination common in the airline industry?
What will be an ideal response?
Other things being equal, the marginal revenue product (MRP) curve for a competitive seller
A) lies below the MRP curve for a monopolist. B) is identical to the MRP curve for a monopolist. C) lies above the MRP curve for a monopolist. D) is upward sloping whereas a monopolist has a downward sloping MRP curve.
Which of the following was not a reason for the significant decline in housing prices in 2007?
a. overbuilding b. strict regulation c. excessive previous appreciation d. aggressive mortgages