The greater the differentiation among the products of monopolistically competitive firms, the lesser is the price-elasticity of demand
a. True
b. False
Indicate whether the statement is true or false
True
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If the value of a price index was 125 for 2005 and 75 for 1982, and GDP was 2500 in 2005 compared to 600 in 1982, the value of real 2005 GDP in terms of 1982 prices is
a. 1500. b. 1000. c. 2500. d. 360.
What is the value of the Lerner index under perfect competition?
A) 1 B) 0 C) infinity D) two times the price
State and local governments spend more on the purchases of goods and services than the federal government
Indicate whether the statement is true or false
If the secular trend of labor productivity rises from 2 percent per year to 4 percent, the number of years that it will take for the standard of living to double will decline by about:
A. 23 years. B. 5 years. C. 17 years. D. 10 years.