In macroeconomics, the vertical axis in a supply-demand model measures the price level rather than a particular product’s price.
Answer the following statement true (T) or false (F)
True
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Refer to Table 19-13. Nominal GDP for Vicuna for 2013 equals
A) $4,920. B) $5,100. C) $5,300. D) $5,850.
The rate of change in GDP over time is called the:
A. price accelerator. B. output generator. C. Gini coefficient. D. economic growth rate.
Golf course developers who buy the land around the golf course they build are attempting to: a. impose external costs on non-consenting third parties. b. internalize external benefits
c. turn a private good into a public good. d. internalize external costs.
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.