Ireland's nominal GDP can increase when
a. only Irish prices increase
b. only Irish output increases
c. only Irish output and prices increase
d. only Irish output and prices decrease
e. any combination of Irish output and/or prices increases
E
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Refer to the Article Summary. Assuming the findings are correct and all else equal, people who do not shop at Trader Joe's can still benefit from living near the store, as is shown by the higher home values. As a result, the marginal social benefit from living near a Trader Joe's is ________ the marginal private benefit to those who shop at Trader Joe's.
A) less than B) equal to C) greater than D) unrelated to
Which of the following is not a lagging indicator?
a. Duration of unemployment. b. Stock prices. c. Outstanding commercial and industrial loans. d. Prime rate.
The most important challenge facing a firm in a perfectly competitive market is deciding:
A. what price to charge. B. whether to advertise. C. whether to maximize its profits. D. how much to produce.