Price controls
A) do not include black markets.
B) are another name for the price system.
C) do not include rent controls.
D) interfere with the rationing function of prices.
D
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If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately ________.
A. $3,925 billion B. $3,846 billion C. $4,108 billion D. $4,379 billion
Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) total amount of output produced. C) total amount of output produced divided by the quantity of labor employed. D) total amount of output produced divided by price of the output.
If the exchange rate is such that $1 equals 10 Mexican pesos, then the price of a peso is
A) $10. B) $1. C) $0.20. D) $0.10.
Producer surplus from a unit of output is the difference between the market price and the seller's cost of producing that unit
a. True b. False Indicate whether the statement is true or false