The competitive equilibrium determines the absolute price of each of the goods based on the endowments and marginal rates of substitution
Indicate whether the statement is true or false
False. Only relative prices are determined by competitive equilibrium. In order to determine the absolute prices, one of the goods' prices must be given (or assumed to =1).
Economics
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Recessions are generally measured as a ________ in ________
A) rise; real GDP B) fall; real GDP C) rise; nominal GDP D) fall, nominal GDP
Economics
Real economy took a sharp turn for the worse immediately after the bankruptcy filing by Lehman Brothers on September 15, 2008.
Answer the following statement true (T) or false (F)
Economics