GDP measured using base year prices is called ________.
A. deflated GDP
B. real GDP
C. constant GDP
D. nominal GDP
Answer: B
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To economize means to
A) allocate available resources in a way that yields the most value to the economizer. B) behave in a selfish rather than generous manner. C) conserve as much as possible for future use. D) put economic theory to work. E) save rather than spend.
If the central bank increases the money supply at the same time as government spending increases, then:
a. interest rates must increase. b. interest rates must decrease. c. income must increase. d. income must decrease.
A ________ shows how much a firm will produce as a function of how much it thinks its competitors will produce
A) contract curve B) demand curve C) reaction curve D) Nash equilibrium curve E) none of the above
A supply curve that is parallel to the quantity axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.