What does the word “real” mean in the phrase “real output of goods and services per capita”?
a. compared to projections
b. not intellectual property
c. indexed for inflation
d. checked for mistakes
c. indexed for inflation
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A temporary supply shock, such as a bumper crop, would
A) shift the FE line to the right and leave the IS curve unchanged. B) shift the FE line to the left and shift the IS curve up and to the right. C) shift the FE line to the left and leave the IS curve unchanged. D) have no effect on the FE line.
Which of the following factors would economists consider "key" to economic development?
A. establishing a system of property rights B. expansionary monetary policy C. policies that promote consumption expenditures by households D. All of these are correct.
Product differentiation allows a firm to charge a higher price because the residual demand curve facing the firm
A) is more elastic than the residual demand curve without product differentiation. B) is less elastic than the residual demand curve without product differentiation. C) is horizontal. D) shifts to the left.
The Sherman Antitrust Act was passed to
A) protect companies from foreign competition. B) protect the monopoly profits of firms. C) control the growth of monopolies in the U.S. D) prevent market price from equaling marginal cost.