"The concentration measures for the United States calculated by the Department of Commerce understate the degree of concentration in the newspaper industry." Do you agree? Explain
What will be an ideal response?
Yes. The concentration measures calculated by the Department of Commerce take a national view of the market while the newspaper industry consists of mainly local markets. The calculated concentration measures for newspapers are low, but there is a high degree of concentration in the newspaper industry in most cities.
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Which of the following could cause nominal GDP to decrease, but real GDP to increase?
A) The price level rises and the quantity of final goods and services produced rises. B) The price level falls and the quantity of final goods and services produced falls. C) The price level rises and the quantity of final goods and services produced falls. D) The price level falls and the quantity of final goods and services produced rises.
If people expect inflation to increase in the future, explain what will happen to consumption and saving