Based on the table of Real GDP, which comparison of the nominal GDP and the real GDP is accurate?
a. The nominal GDP is usually equal to the real GDP.
b. The nominal GDP is usually less than the real GDP.
c. The nominal GDP is usually more than the real GDP.
d. The relationship between nominal and real GDP depends on the base year.
d. The relationship between nominal and real GDP depends on the base year.
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The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "how" D) "why"
To successfully price discriminate, a firm must ensure that there are no opportunities for arbitrage
Indicate whether the statement is true or false
What is not correct about the Northern U.S. abolitionist movement?
a. Northern slaveholders could sell their slaves to the south. b. Slave owners in the North suffered significant economic loss because of the movement. c. Most Northern states freed slaves after they had reached a minimum age. d. In most northern states freedom was granted over a gradual period of time.
When a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so
a. True b. False Indicate whether the statement is true or false