GDP is used by economists to measure
A) the market value of final goods and services produced over a particular time period.
B) the overall well-being of society enjoyed over a particular time period.
C) the overall efficiency of the macro economy over a particular time period.
D) the economic strength of the nation.
A
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A monopoly firm's demand curve
A) is more inelastic than the demand curve for the product. B) is inelastic at high prices and elastic at lower prices. C) is perfectly inelastic. D) is the same as the market demand curve.
Which of the following is NOT a reason financial regulation and supervision is difficult in real life?
A) Financial institutions have strong incentives to avoid existing regulations. B) Unintended consequences may happen if details in the regulations are not precise. C) Regulated firms lobby politicians to lean on regulators to ease the rules. D) Financial institutions are not required to follow the rules.