The base year is 2012. A country only produces Blu-ray players. The price of a Blu-ray player in 2012 was $100. The price of a Blu-ray player was $90 in 2013
The quantity of Blu-ray players produced in 2012 was 10,000 units and in 2013 was 10,500 units. Real GDP in 2012 equals
A) $945,000.
B) $1,000,000.
C) $900,000.
D) $1,050,000.
E) an amount that cannot be determined without information about real GDP in 2007 .
B
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Which of the following is a TRUE statement about monopoly and perfect competition?
A) Price is always higher and output higher under monopoly than under perfect competition. B) Because costs do not depend on market structure, price is usually higher and output is always lower under monopoly than perfect competition. C) If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition. D) If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition, and price may be below marginal cost instead of equal to marginal cost.
Which of the following people would be classified as fictionally unemployed?
a. Computer programmers who lost their jobs because of a recession. b. Construction workers who are on temporary layoff. c. Elementary school teachers who do not have summer jobs. d. Textile workers who lost their jobs because of new foreign competition.