The base year is 2005, and the GDP price index in 2004 is 92.0. This implies that the:
A. Output in 2005 was higher than in 2004
B. Prices in 2005 were higher than in 2004
C. Output in 2005 was lower than in 2004
D. Prices in 2005 were lower than in 2004
B. Prices in 2005 were higher than in 2004
Economics
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Which creates a larger deadweight loss, perfect competition or a single-price monopoly?
What will be an ideal response?
Economics
As a result of a decline in interest rates and a rise in household income, the demand curve for housing has shifted to the right, but has retained the same slope. Consequently, the elasticity of demand for housing
a. has declined. b. has increased. c. has remained unchanged. d. cannot be compared.
Economics