If the value of nominal GDP of an economy is 1.3 times the value of its real GDP, then the value of the GDP deflator in the economy will be 130
a. True
b. False
Indicate whether the statement is true or false
True
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A new 2015 Honda Civic produced in 2015 and purchased in 2016 is
A) part of GDP in 2015. B) part of GDP in 2016. C) not part of GDP in either year because it was produced in one year and sold in another year. D) part of GDP in both 2015 and 2016.
Which would cause an increase in the supply curve of cell-phone services?
A. A decrease in the wages of phone-company workers B. An increase in the price of cell-phone services C. An increase in the taxes paid by cell-phone service providers D. A decrease in a subsidy given to cell-phone service providers
Unrestricted entry and exit into the market is found in
A. perfect competition, monopolistic competition and oligopoly. B. perfect competition and oligopoly. C. monopolistic competition and oligopoly. D. perfect competition and monopolistic competition.
Assuming demand is a straight line, the equation of the inverse demand curve is represented as
A. P = a - bQd. B. Q = a - bPd. C. P - Qd = a + b. D. Qd = a + bP.