How is the GDP deflator is calculated
What will be an ideal response?
The GDP deflator equals 100 times the nominal GDP divided by real GDP, or in terms of symbols, the GDP deflator equals (100 ) × (nominal GDP) ÷ (real GDP).
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When the government sets a price floor which is below the equilibrium price
A) a surplus will develop. B) a shortage will develop. C) the equilibrium price will be maintained. D) a price ceiling will follow.
In the game theory model of oligopoly,
a. firms will be successful in colluding to raise prices b. one firm raises its prices, and other firms follow suit c. firms will match other firms' price cuts but not their price increases d. firms may attempt to avoid the worst outcome but may achieve a less-than-optimal outcome e. firms never avoid the worst outcome