Real GDP measures the value of goods and services produced in a given year using
A) base year prices.
B) prices of that same year.
C) future prices.
D) no prices.
E) government approved prices.
A
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If wages are "sticky downwards", then this means that during periods of high unemployment, wages will:
A. fall quickly. B. resist falling. C. resist rising. D. rise quickly.
If the price of a cup of Dunkin' Donuts coffee increases while the price of a Starbucks latte is unchanged, we expect the number of lattes purchased at Starbucks to:
A. increase as some people switch from Dunkin' Donuts coffee to Starbucks lattes. B. decrease as some people switch from Dunkin' Donuts coffee to the Starbucks lattes. C. decrease as some people have less money to spend on caffeinated beverages. D. decrease as some people switch from Starbucks lattes to Dunkin' Donuts coffee.
Figure 21-1
In Figure 21-1, a reform in the distribution system that achieves the same distribution with less damage to work incentives is represented by a move from which points?
A. A to B B. C to G C. C to F D. B to C
For a true, or pure, monopoly, ______.
a. there is only one seller of the product b. no close substitutes are available c. the firm and the industry are the same d. it must be virtually impossible for other firms to overcome barriers to entry e. all of these