All of the following present significant problems with measuring real GDP and the price level except
A) changes in absolute price levels.
B) changes in relative price levels.
C) changes in the quality of goods over time.
D) the introduction of new goods.
A
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In economic models, variables taken as given and not explained by the model are called ________ variables
A) exogenous B) endogenous. C) short-run. D) long-run. E) nominal.
What is one reason existing firms might lobby the government to increase regulation in their industry?
A) It increases entry and exit costs, thereby reducing producer surplus to existing firms. B) It increases entry and exit costs, thereby potentially increasing producer surplus to existing firms. C) It increases entry and exit costs, but has no impact on producer surplus. D) Firms cannot be trusted to treat their customers fairly and ethically.