Figure 4-18
Refer to . The price of the good would continue to serve as the rationing mechanism if
a.
a price ceiling of $4.00 were imposed.
b.
a price ceiling of $5.00 were imposed.
c.
a price floor of $3.00 were imposed.
d.
All of the above are correct.
d
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Monopolistic competition differs from ________
A. monopoly because firms cannot set their own price B. oligopoly because firms produce differentiated goods or services C. perfect competition because the goods or services produced are diffe-rentiated D. monopoly because the good produced by each firm has no close subs-titute
If the MPC is 0.9, then an increase in taxes of $100 can be expected to __________ consumption by the amount of __________
A) increase; $90 B) decrease; $90 C) increase; $100 D) decrease; $100
A nation's standard of living is determined by
a. the percentage of its GDP that is accounted for by government purchases. b. the quantity of natural resources with which it is endowed. c. the productivity of its workers. d. factors and events that are beyond the nation's control.
The inflation rate can be calculated as the percentage change in:
A. real GDP. B. the CPI. C. the exchange rate. D. nominal GDP.