When computing the cost of the basket of goods and services purchased by a typical consumer, which of the following changes from year to year?
a. the quantities of the goods and services purchased
b. the prices of the goods and services
c. the goods and services making up the basket
d. All of the above are correct.
b
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If the assets used during the various stages of production are relatively nonspecific but the markets are highly uncertain, a short-term contract is likely to be the most efficient
Indicate whether the statement is true or false
When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles
A. perfect competition. B. a dual labor market. C. monopolistic competition. D. bilateral monopoly.
The demand curve facing an oligopoly will be less elastic
A. the larger its share of the market and the more differentiated the product. B. the smaller its share of the market and the more differentiated the product. C. the larger its share of the market and the less differentiated the product. D. the smaller its share of the market and the less differentiated the product.
Nation;s real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?
A. Nation A's real GDP growth in 2014 is higher than Nation B's B. Nation B's real GDP growth in 2014 is higher than Nation A's C. Nation A's real GDP growth in 2014 is identical to Nation B's D. Nation A's and Nation B's real GDP growth rates in 2014 are both higher than 10%