If nominal GDP rises:
a. we can be sure the price level has risen.
b. real GDP may rise or fall
c. real GDP must rise.
d. real GDP must fall.
b
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Many U.S. business leaders argue that the current state of U.S. net exports is the result of
a. U.S. export subsidies. b. free trade policies of foreign governments. c. unproductive U.S. workers. d. unfair foreign competition.
Which of the following statements is TRUE?
A. Rational ignorance exists only in politics. B. Rational ignorance still leads to an efficient outcome. C. Rational ignorance is bad because it leads to uninformed voters making decisions. D. It never makes sense for individuals to be rationally ignorant.
According to the text, one of the ways to solve the public good problem is
A. finding ways of forcing people to pay for the good. B. not to provide the good at all. C. to allow private firms in free markets to provide the good for a fee. D. for the government to provide the good for free by using a compulsory tax.
Three major means of collusion by oligopolists are:
A. cartels, informal understandings, and price leadership. B. market sharing, mutual interdependence, and product differentiation. C. cartels, kinked-demand pricing, and product differentiation. D. informal understandings, P = MC pricing, and mutual interdependence.