What is the advantage of reporting the GDP on a quarterly basis?
What will be an ideal response?
It makes it easier to ascertain what is happening in the economy. This in turn enables officials to implement fiscal and monetary measures designed to stabilize the level of economic activity in a timely fashion.
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When a government imposes a price floor on a good that is above the market equilibrium price
A) a surplus will develop. B) a shortage will develop. C) producers will increase their sales price. D) consumers will increase their demand for the good.
Commitment devices can be:
A. a tool to help people avoid temptation. B. an informal arrangement. C. formal policies set up through an employer or third party. D. All of these statements are true.
If a depletable resource is selling in a perfectly competitive market, its expected price will continue to fall over time. This makes it unprofitable for firms to seek out the resource and bring it to market.
Answer the following statement true (T) or false (F)
When people are fully informed about the choices that they and other relevant economic actors face, we say they:
A. will always be willing to go through with the transaction. B. will always try to hide that information to gain advantage. C. have relevant information. D. have complete information.