Examples of deflators are the ________ and ________ deflator
A) real; nominal
B) private disposable income; gross national product
C) personal consumption expenditure; gross domestic product
D) gross domestic product; rental income
E) private disposable income; personal consumption expenditure
C
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A tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union since the tariff would most likely
A) lower the price of the output that workers purchase. B) lower the domestic production of the good and increase wages. C) increase the demand for domestic, union-made goods. D) decrease the cost of the imported goods.
Suppose the market price exceeds the typical perfectly competitive firm's short-run average total cost. What will happen to this market in the long run?
a. The market demand curve will shift to the left as firms exit. b. The market supply curve will shift to the left as firms exit. c. The market demand curve will shift to the right as firms enter. d. Both the market demand and supply curves will shift to the left as firms exit. e. The market supply curve will shift to the right as firms enter.