Which of the following is the reason why pharmaceutical firms are not monopolistically competitive?
A. Pharmaceutical firms sell differentiated products.
B. There are many buyers in the market.
C. There are many sellers in the market.
D. There are barriers to entry in the market, like patents.
Answer: D
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In the last three decades, inflation has been relatively low in the U.S. economy, with the Consumer Price Index typically rising what percentage per year?
a. 1% to 2% b. 2% to 3% c. 2% to 4% d. 3% to 4 %
If people are made unemployed because of a fall in aggregate demand this is known as:
a) Frictional unemployment b) Seasonal unemployment c) Cyclical unemployment d) Structural unemployment
Explain how price adjusts to eliminate excess demand
What will be an ideal response?
If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a year, then real GDP increases by ________
A. 7 percent a year B. 3 percent a year C. 2.5 percent a year D. 10 percent a year