Diamonds are price inelastic

The term “menu costs” refers to

Suppose a nation produces only 2 goods: pizza and soda. In 2021 20 pizzas are sold at $10 each and 10 sodas are sold for $1 each. In 2018, the base year, 10 pizzas were sold at $8 each and 10 sodas were sold at $1 each. Therefore, nominal GDP in 2021 is _________ and real GDP in 2021 is__________.

If there is a negative externality associated with a firm’s production of a private good, which of the following is an action by government that would most likely move the market to an efficient outcome?

The Federal Reserve is

Fiscal Policy refers to:

if XYZ corp buys an original Matisse painting to hang in its board room, then,

Which of the following is NOT a major cost of inflation

An individual firm, operating under perfect competition, is characterized as:

GDP is calculated for each