26. A price celing means that price is a. Not alowed to fal b. Not alowed to che

Question

26. A price celing means that price is a. Not alowed to fal b. Not alowed to chenge in aither direction Not allowed to 27. The purpose of price floor i, to a. Help consumers b. help producers c 28. Gross domestic product (GDP) measures the value of ouput a. At tair value b. A: depreciated velue d. Artbitrarily 29. Why has nominal GDP typically increased more rapidly than neal GDP a Because of inflation b. Because of unemployment c Recauie of high ineerest rabes d. Beciause of dellation which of the following typicaly trem our 30. we, being but i' NOT induded i, en Normarket goods c The cost of environmental damage 32. It is generaly agreed that the us economy is curnendly in the expangion phase of a business cydle. Which of the folowing b true? a. Equlbriue real GDP is growing b. Cycical unemployment is increasing c. The natural rate of unemplayment is increasing d. The GDP deflutor must be declining 32. Unemployment caused by economik decline or recession is called Frictional unemployment b. Cycical unemployment Structural unemployment d. Necessary unemployment 31. Unemployment that resals fhom changes in the compostion of output produced by the economy or by technological changes and casising more people to arek jobs in market than there are jobs available at the current wage rate is called a. Structural unemploymene b. Technological unemployment particular laber Critical unemployment 34. Gehrig radustes from okahoma University but cannot find a job that pays what he thinks he Bs worth Gehrig s considered to be b. Adiscouraged worker Cpeically snmpleye

Explanation / Answer

26> d

A price ceiling is a government-imposed price control on how high a price is charged for a product.

27> b

It will help the producer if higher price is charged.

28> c

GDP is calculated in the market value.

29> a

Inflation rate is always counted in the calculation of nominal gdp growth.

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