If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6, then real GDP would have been approximately

If an industry is imperfectly competitive, and markets are segmented then

A) a firm may find that it is profitable to engage in dumping. B) a firm may find that international trade is unprofitable. C) a firm may find that it should promote scale economies. D) a firm may find that it has lost its comparative advantage. E) a firm may find that it should become more specialized.

National economic policies are usually set by the local government in the U.S., making it the focus of economic discussions

a. True b. False Indicate whether the statement is true or false