The primary value of real GDP is its ability to measure year to year changes in
a. real output.
b. income inequality.
c. real social welfare.
d. the general level of prices.
A
Economics
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A downward shift in the consumption function can be caused by:
a. expectations of higher inflation. b. an increase in wealth. c. a lower price level. d. none of these.
Economics
In order for a firm to face a perfectly elastic demand curve, it must
a. be a large firm selling a standardized product b. be a small producer selling a standardized product c. be a small producer; its product may or may not be standardized d. be a large producer selling a non-standardized product e. sell a standardized product, but the size of the firm is irrelevant
Economics