The GDP deflator for years subsequent to the base year measures the change in
a. nominal GDP from the base year that cannot be attributable to a change in real GDP.
b. real GDP from the base year that cannot be attributable to a change in nominal GDP.
c. nominal GDP from the base year that cannot be attributable to a change in prices.
d. real GDP from the base year that cannot be attributable to a change in prices.
a
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Refer to Table 14-2. Suppose pricing PlayStations is a repeated game in which Wal-Mart and Target will be selling the game system in competition over a long period of time. In this case, what is the most likely outcome?
A) a noncooperative equilibrium in which each firm charges the high price B) a noncooperative equilibrium in which each firm charges the low price C) a cooperative equilibrium in which each firm charges the low price D) a cooperative equilibrium in which each firm charges the high price
Which of the following holds that business cycles are primarily due to changes in technology and does not invoke any monetary or demand-side forces?
A) the real business cycle theory B) the efficiency wage theory C) rational expectations hypothesis D) Keynesian economics
Which of the following government agencies oversees monetary policy in the U.S.?
a. The Federal Reserve System b. Congress c. The Treasury Department d. The Federal Trade Commission e. The Department of Commerce
If a price decrease leads to an increase in total revenue, demand must be: a. perfectly inelastic. b. relatively inelastic. c. relatively elastic
d. unit elastic.