The formula for calculating real GDP = (price index/nominal GDP) 100
a. True
b. False
Indicate whether the statement is true or false
False
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.62, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
Under which of the following market conditions is it most difficult to maintain a cartel agreement?
a. There are many firms in the industry and these firms have similar costs. b. There are many firms in the industry and these firms have different costs. c. There are few firms in the industry and these firms have similar costs. d. There are few firms in the industry and these firms have different costs.
As long as a public sector activity will generate benefits regardless of the costs, the activity should definitely be undertaken.
Answer the following statement true (T) or false (F)
The goal of the consumer in a market economy is to use his or her limited income to buy
A. The goods and services that maximize profits for businesses. B. Those goods and services with the lowest prices. C. The set of goods and services that maximizes the consumer's total utility. D. The greatest number of goods and services possible.