Between 1947 and 2014, U.S. real GDP
A) remained relatively unchanged.
B) doubled.
C) grew eightfold.
D) decreased even though nominal GDP increased.
C
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Suppose the price level falls. Because of fixed nominal wage contracts, firms become less profitable and they cut back on production. This is a demonstration of the
A. classical dichotomy theory of the short-run aggregate-supply curve. B. sticky-wage theory of the short-run aggregate-supply curve. C. misperceptions theory of the short-run aggregate-supply curve. D. sticky-price theory of the short-run aggregate-supply curve.
Answer the following statement true (T) or false (F)
1) The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it. 2) The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it. 3) Generally speaking, the demand for luxury goods is more price elastic than is the demand for necessities. 4) Generally speaking, the smaller the percentage of one's total budget devoted to a particular product, the more price elastic will be the demand for that product.