A buyer is said to be a price taker if she:
A) can bargain over the prices of the goods she consumes.
B) can purchase any amount of a good at a fixed price provided she has the money to pay for it.
C) always pays less than the market-determined price for the goods she is consuming.
D) ignores the prices of related goods and considers only the price of the goods she is purchasing.
Question 2
An inflationary gap is created when
A) real GDP is greater than potential GDP.
B) real GDP equal to potential GDP.
C) the inflation rate is less than potential inflation.
D) the price level exceeds the equilibrium price level.
E) potential GDP is greater than real GDP.
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
Alan Price - Poor People
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