In an economy with persistent inflation,
a. real GDP will grow faster than nominal GDP.
b. nominal GDP will grow faster than real GDP.
c. nominal and real GDP will grow at the same rate.
d. nominal and real GDP will both fall.
B
Economics
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The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "how" D) "why"
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A perfectly elastic supply curve
a. has an elasticity of 1 b. has an elasticity less than 1 c. has an elasticity of 0 d. is horizontal e. is upward sloping
Economics