To construct GDP, exports:
a. and imports must be subtracted.
b. and imports must be included.
c. must be included and imports must be ignored.
d. must be included and imports must be subtracted.
d
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An industry with a large number of firms, differentiated products, and free entry and exit is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly. E) monopolistic oligopoly.
In an oligopolistic market, each firm
A) has a constant marginal cost. B) faces a perfectly elastic demand function. C) must consider the reaction of rival firms when making a pricing or output decision. D) produces at minimum average cost in the long run.
The CPI: a. includes fewer goods and services than the GDP deflator
b. generally rises substantially slower than the GDP deflator during inflationary conditions. c. ignores imported goods purchased by consumers. d. is the broadest generally reported measure of inflation.
Health insurance leads to what types of moral hazards?
What will be an ideal response?