Hedonic pricing is
A) the way that luxury goods are priced in a market economy.
B) the tendency for the inflation rate to rise by greater and greater amounts.
C) the tendency for nominal GDP to rise when the price level rises.
D) the process of translating nominal GDP into real GDP.
E) the process of pricing individual characteristics of a good or service.
E
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Economic theory
A. is a deliberate simplification of factual relationships. B. seeks to disprove a hypothesis. C. is based mainly on assumptions. D. seeks to prove political ideals.
What reasons do governments often give to justify the decision to not allow price to ration goods?
What will be an ideal response?
The government makes all economic decisions in a centrally planned economy
Indicate whether the statement is true or false
We can say that the potential level of real GDP is fixed because the long-run aggregate supply curve is a vertical line
a. True b. False Indicate whether the statement is true or false