To compare the change in physical production (GDP) between 2010 and 2016, we should compare ________ GDP in 2010 with ________ GDP in 2016.
A. nominal; nominal
B. real; real
C. real; nominal
D. current dollar; current dollar
Answer: B
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Revenue is equal to
A) price times quantity. B) price times quantity minus total cost. C) price times quantity minus average cost. D) price times quantity minus marginal cost. E) expenditure on production of output.
In the nonstrategic view of bargaining
a. The games are played without identifying the specific strategies b. Both the parties usually get some positive surplus c. The bargaining outcome is affected by both the parties' disagreement values d. All of the above
All of the following are true, except
a. Some consumers may infer high prices of a good to signal high quality b. Low prices can also signal high quality c. Promotional campaigns do not affect consumer's perception on quality d. It makes more sense to raise price when advertising makes demand less elastic
Very few societies have used price controls
a. True b. False Indicate whether the statement is true or false