Increases in real GDP are considered the best measure of increases in living standards, because they measure:
a. only increases in prices.
b. only increases in production.
c. both increases in prices and increases in production.
d. only increases in the cost of living
Answer: b. only increases in production.
Economics
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The Maastricht Treaty laid out the convergence criteria for the Exchange Rate Mechanism.
Answer the following statement true (T) or false (F)
Economics
Which of the following is NOT true of a perfectly competitive firm?
A. It sells only a small fraction of the total quantity exchanged in the market. B. It seeks to maximize revenue. C. It faces a perfectly elastic demand curve. D. It is unable to influence the price of the good it sells.
Economics