Economists are strongly united in their belief that the stock market is
A. risk neutral.
B. an unfair gamble.
C. efficient.
D. inefficient.
Answer: C
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U.S. real GDP
A) measures the change in the price level over time. B) precisely measures the improving standard of living in the United States. C) excludes the value of underground production and leisure time. D) includes the value of underground production but excludes the value of leisure time. E) is not as accurate as nominal GDP when measuring standard of living changes over time.
At the end of the year, Ford realizes it has overproduced Fiestas, because 2,500 of them are left unsold. How is this accounted for in that year's GDP? The cars are:
A. considered inventory and their value will increase investment. B. considered durable goods, and their value will increase consumption. C. not counted until they are sold in next year's GDP. D. considered a bad thing and reduce the value of investment.
An essential characteristic of a perfectly competitive market is that buyers and sellers have:
A. no competition and so must set the market price on their own. B. so much competition that they must work together perfectly to set a market price. C. so much competition that they have no ability set their own price. D. no control over the price they set because it is determined by government.
Describe and explain how a perfectly competitive firm's demand curve is found
What will be an ideal response?