In 1984, the base year, GDP was 3000. In 1988 the GDP deflator was 98. We may conclude that
A. there was some inflation between 1984 and 1988.
B. there was some deflation between 1984 and 1988.
C. real GDP declined between 1984 and 1988.
D. GDP declined between 1984 and 1988.
B. there was some deflation between 1984 and 1988.
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Wal-mart
(a) is the railroad of the late nineteenth century. (b) provides an example of how one large business enterprise still can seize market power to restrict entry and exit. (c) holds monopoly power in retail. (d) exists at the expense of consumers.
Refer to the above figure. Profits for this firm will be maximized at
A) point B. B) point C. C) a quantity greater than point C. D) a quantity between points B and C.
Which statement is true?
A. OPEC is responsible for over 80 percent of the world's oil exports. B. In early March 2008, when the price of a barrel of oil passed the $100 mark, economists thought OPEC with their market power might increase production to prevent further increases. C. OPEC has lowered the price of oil by holding down output.
Which of the following is not an automatic stabilizer?
A. Personal income tax revenue. B. Corporate income tax revenue. C. Unemployment compensation benefits. D. Property tax revenue.