If current unemployment is close to the natural rate of unemployment, the level of the ________ GDP is likely to be close to the level of potential output
A) real B) structural C) nominal D) estimated
A
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Which of the following statements about a monopolistically competitive firm is FALSE?
A) It tries to differentiate its product from that of competitors. B) It may earn short-run economic profits. C) It produces the quantity at which MC=MR. D) It sets price like a perfectly competitive firm.
The law of demand states that price and ______________ are _____________ related, ceteris paribus
A) demand; inversely B) quantity demanded; inversely C) demand; directly D) quantity demanded; directly E) ?quantity supplied; directly
Macroeconomists define consumption as
A) purchases by the business sector. B) wearing away and breakdown of capital goods. C) the difference between imports and exports. D) purchases by the household sector.
If you were thinking of entering the ice cream business, would you make a product that is just like one that is already being produced? Explain.
What will be an ideal response?