Answer the following statements true (T) or false (F)
1. If the decrease in supply is less than the decrease in demand, then the equilibrium price will decrease.
2. A price ceiling imposed by the government is intended to benefit the sellers of the product.
3. An effective price ceiling will lower the equilibrium price and cause a surplus.
4. In response to the general public's complaints about "price gouging" by sellers, the government could impose a price floor.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
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If the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic product (GDP) for the same year is $3.6 trillion, the GDP price index is _____
a. 0.667 b. 150 c. 66.67 d. 50 e. 33.33
Before-tax incomes are a better measure of income as compared to after-tax incomes
a. True b. False Indicate whether the statement is true or false