Suppose in 2000 . nominal GDP in Russia was 1000 rubles and it increased to 2000 rubles in 2001 . If we know that no increase in real GDP occurred, then the GDP deflator must be
a. 150
b. 100
c. 0.50
d. 200
e. 105
D
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When the marginal cost of a price-taking firm is less than the market price of its product, the firm should:
a. expand output (provided that price is not less than average variable cost). b. reduce output (provided that price is not less than average variable cost). c. maintain output (provided that price is not less than average variable cost). d. charge more than the market price.
The monopolistically competitive firm differs from monopoly in that its
a. demand curve is flatter. b. demand curve slopes downward. c. MR curve lies below its demand curve. d. profit is maximized where MR = MC.
Which of the following is an example of paradigm innovation:
A. Windows computer operating system B. Energy-saving light bulbs C. The latest model of the Honda Civic D. Rechargeable batteries
What does the deadweight loss of monopoly measure?
What will be an ideal response?