If the GDP deflator is less than 100 in 2013, then nominal GDP ________ real GDP in 2013
A) is less than
B) is greater than
C) is equal to
D) may be greater than or less than
A
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To maximize her utility, Pat should spend all of her money and buy goods in a way that
A) the marginal utility of the last unit of each good is the same. B) the marginal utility per dollar from each good is the same. C) her total expenditure on each good is the same. D) her price elasticity of demand for each good is the same.
According to the rule of reason, when would the courts find a monopoly in violation of the Sherman Antitrust Act?
A. Always-monopoly is per se illegal under the rule of reason. B. Only when the monopoly created negative externalities. C. Only when the monopoly engaged in illegal business practices. D. Only when the monopoly charged excessively high prices.