Nominal GDP will increase
A) only if the quantity of final goods and services produced rises.
B) if either the price level or the quantity of goods and services produced rises.
C) only if the price level rises.
D) only if the price level falls.
B
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Justin never keeps track of the sales and discounts offered in the stores at various times of the year, while his sister does. This implies that Justin has a higher price elasticity of demand than his sister
Indicate whether the statement is true or false
Doomsday forecasts about running out of natural resources, with dire consequences,
a. have occurred at least as far back in time as the 16th century. b. have generally been correct, and resources today are nearly all rising in price. c. seldom are taken seriously enough by the public. d. began to be heard for the first time after Earth Day of 1970.