Which of the following is a price ceiling/ cap?
A. A regulation requires cable service to be provided for no more than 30$ a month
B. Walmart promises to have the lowest prices
C. Winco Foods sells organic milk at 8$ per gal
D. A regulation sets the minimum price of ethanol at 50 cents per gal
A. A regulation requires cable service to be provided for no more than 30$ a month
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If you travel to Mexico you will often see currency exchange businesses along the way as you approach the border
Even though each of these businesses is essentially "selling" the same product (i.e. Mexican pesos) how is it that some of them are able to charge more for the peso than others?
What is the difference between real GDP and nominal GDP?
(A) Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. (B) Real GDP allows for depreciation; nominal GDP allows for no depreciation. (C) Real GDP is based on constant prices; nominal GDP is based on the current year's prices. (D) Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars.