Nominal gross domestic product is based on:
a. the existing prices at which final goods and services are actually sold.
b. prices of final goods and services adjusted for inflation.
c. prices at which intermediate goods are sold.
d. none of these.
a
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De Beers accounts for approximately 80% of diamond sales worldwide. The source of its market power is:
A. its patent on diamond production. B. the perfectly inelastic demand for diamonds. C. the engagement customs of couples in Western cultures. D. its exclusive ownership of South African diamond mines.
Critically analyze the following and explain whether you agree or disagree: a. Janet knows a lot of people who do not like Marmite®, a yeast extract that is used as a spread on toast
She says that Marmite is so unpopular that Unilever, the company that manufactures Marmite®, cannot possibly have any monopoly power. b. Edgar says that a single firm in the wind power industry is unlikely to have a significant degree of monopoly power for an extended period of time. Since the cost of producing an additional unit of wind energy is so low, a large number of firms can enter the market and compete away economic profits.
A financial asset is
a. a unit of physical capital with a positive market value b. any asset that generates a stream of income c. a share in the ownership of a productive enterprise d. a form of money e. a promise to pay future income in some form
Suppose that the bond market and the money market both start out in equilibrium, then the Federal Reserve increases the money supply. The result will be a ______________ in the money market and a _________________ in the bond market, which will push bond prices _________________ and interest rates will ___________________ until a new equilibrium is reached
A) surplus; shortage; up; fall B) shortage; surplus; down; rise C) surplus; shortage; down; rise D) shortage; surplus; down; fall