Which statement about competition is true?
A. To have competition, no firm is large enough to have any influence over price.
B. There is little competition between firms in the United States.
C. The American automobile industry would be considered competitive if there were at least four firms in the industry.
D. There is no competition in American industry.
A. To have competition, no firm is large enough to have any influence over price.
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The standard way to measure the effect of debt in an economy is the stock of debt relative to the GDP
Indicate whether the statement is true or false
Goods that have been produced but not yet sold are referred to as
A) capital goods. B) inventories. C) understocks. D) pre-sold goods.
Assume the table has recorded the total output and prices of the only two goods produced. Looking at the changes in real GDP and nominal GDP from 2000 to 2001, we can conclude that because:
A. real and nominal GDP increased at the same rate, there was no change in prices, only output.
B. nominal GDP rose more than real GDP, both prices and output must have increased.
C. real GDP rose more than nominal GDP, output must have increased more than prices.
D. real and nominal GDP increased at the same rate, there was no change in output, only prices.
A change in the money supply changes only nominal variables in the long run
a. True b. False Indicate whether the statement is true or false