A change in real GDP sums up changes in
A) prices alone.
B) physical production alone.
C) physical production minus changes in price.
D) physical production and prices.
B
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The following linear hypothesis can be tested using the F-test with the exception of
A) ?2 = 1 and ?3= ?4/?5. B) ?2 =0. C) ?1 + ?2 = 1 and ?3 = -2?4. D) ?0 = ?1 and ?1 = 0.
A contestable market is one in which prices are moderated by the
a. need to build an empire b. desire to maximize output c. noncompetitive nature of the market d. threat of potential entry e. regulations imposed by government
The problem of economic scarcity applies
A) only in industrially developed countries because resources are scarce. B) only in underdeveloped countries because there are no productive resources. C) only in economic systems that are just beginning to develop because specialized resources are scarce. D) to all economic systems, regardless of their level of development.
To correct for the externalities, the revenue generated by a corrective tax on steel producers would most likely be used to ______.
a. help the company pay for internalizing the cost b. compensate those harmed by pollution c. expand the firm’s production output d. help lower the market price for consumers