A decrease in nominal gross domestic product necessarily entails a decrease in
A) both real output and the price level.
B) either real output or the price level (or both).
C) real output and employment.
D) the price level and employment.
B
Economics
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You are more sensitive to a change in price if you
A) spend a lot of your income on the good. B) spend a small percentage of your income on the good. C) buy very little of the good. D) do not buy the good regularly. E) have a very inelastic demand for the good.
Economics
Which of the following is NOT a condition that helps enforce a cartel agreement?
A) a small number of firms B) nearly homogeneous products C) easily observable prices D) large variation in input prices
Economics