The implicit GDP deflator is
A) nominal GDP divided by real GDP.
B) nominal GDP times real GDP.
C) real GDP divided by nominal GDP.
D) the zero economic growth society.
A
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Tom is going to quit his job to pursue his PhD in economics, which will take him 6 years to complete. He currently makes $55,000 per year as a high school teacher
While going to school, he will receive a stipend of $24,000 per year plus $6,000 per year to help cover food and rent. His living expenses are the same regardless of what he does. What is Tom's opportunity cost of pursuing his PhD? A) $150,000 B) $180,000 C) $186,000 D) $330,000
Price discrimination always benefits
a. the owners of the price-discriminating firm b. the government c. society as a whole d. consumers e. competitors
Which of the following are considered market failures?
A. Monopoly. B. Externalities. C. The lack of public goods and services. D. All of the choices are considered market failures.
A perfect monopoly:
A. can extract all consumer surplus from a market. B. refers to a single seller. C. controls 90 to 100 percent of the market for a product. D. would produce efficient outcomes.