Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
A. $9.8 trillion
B. $13.8 trillion
C. $15.2 trillion
D. $11.4 trillion
Answer: D
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An economy that contains a mixture of perfect and imperfect competition and of regulated and unregulated industries is a
a. command economy. b. mixed economy. c. traditional economy. d. laissez-faire economy.
In a ________ monopoly structure, the wholesale demand for a monopoly retailer depends on the retailer's ________.
A) dual; marginal revenue B) successive; marginal revenue C) successive; demand D) dual; demand
Featherbedding refers to union efforts to force employers to hire more workers than demanded at a particular wage
a. True b. False
A price ceiling might be an appropriate government response to a
a. period of falling farm prices due to unusually good harvests b. substantial increase in farm productivity due to marked applications of new technology in agriculture c. national security crisis leading to major shortages of essential goods d. period of extraordinary large surpluses of farm goods e. good in which the demand is considerably less than the supply