Real GDP is nominal GDP
a. plus depreciation
b. adjusted for changes in the price level
c. minus depreciation
d. minus taxes
e. minus inflation
B
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In a perfectly competitive market, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________
A) infinite; infinite B) less than infinite; infinite C) infinite; less than infinite D) less than infinite; less than infinite
What is included in the public statement released by the FOMC following the conclusion of its meeting?
What will be an ideal response?
If the Union threatens a strike, what is the firm's best response?
a. Bargain hard b. Accommodate c. Run d. Hide
Which of the following is a likely consequence of a price ceiling that fixes the price of rental housing below the market equilibrium?
a. It will be difficult to find housing for rent. b. More new apartments will be built. c. Some rental apartments will be converted into offices or sold for other uses rather than be rented. d. All of the above are true. e. Both a and c are correct.