If Q represents real GDP and P is the price level, then P × Q equals ______.

a. real NI
b. real NNP
c. nominal NNP
d. nominal GDP


d. nominal GDP

Economics

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The Stackelberg outcome differs from the Cournot equilibrium because:

a. the games involve different strategic variables. b. the first mover can commit to an output off its best-response function. c. quantity supplied is not equal to quantity demanded at the prevailing price. d. it's not a perfectly competitive outcome.

Economics

In 2008, $1 Canadian cost 0.56 British pounds and in 2010, it cost 0.63 British pounds. Therefore, 1 British pound was worth _____ Canadian in 2008 and _____ Canadian in 2010

a. $1.79; $1.59 b. $1.72; $1.51 c. $1.87; $1.65 d. $1.97; $1.75

Economics

The regulation of natural monopolies is common in which of the following industries?

A. Electricity B. Tobacco C. Oil D. Alcohol

Economics

A game in which all the players are better off at the end of the game is a

A. tit-for-tat game. B. noncooperative game. C. positive-sum game. D. dominant strategy game.

Economics