Which of the following is NOT a form of nonprice competition?
a) location
b) physical characteristics
c) advertising
d) discounts
Ans: d) discounts
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The chain-weighted output index
A) uses only the current year's prices to calculate growth in real GDP. B) uses prices for the current year and the previous year to calculate growth in real GDP. C) must be calculated only every other year. D) is an inaccurate way to measure growth in real GDP and so has been replaced by the "nominal-to-real" index.
Monopoly firms have a downward sloping curve in the short-run because
a. They have no close substitutes b. There are no barriers to entry c. They have no cost advantage over their rivals d. None of the above
Which of the following describes the relationship among income, disposable income, taxes, and transfer payments?
a. Taxes plus transfers equal income plus disposable income b. Disposable income equals income divided by the sum of taxes and transfers c. Disposable income equals income minus taxes plus transfers d. Disposable income equals income plus taxes plus transfers e. Taxes plus transfers equal disposable income minus income
A decrease in the interest rate could have been caused by the money-demand curve shifting
a) leftward because the price level fall. b) leftward because the price level rose. c) rightward because the price level fell. d) rightward because the price level rose.