Suppose the annual growth rate of GDP in Nepal is 5 percent. In 35 years, GDP in Nepal will double
A) 1.75 times. B) 2.5 times. C) 7 times. D) 24.5 times.
B
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Assume the asset market is always in equilibrium. Therefore a fall in Y would result in
A) higher inflation abroad. B) a decreased demand for domestic products. C) a contraction of the money supply. D) a depreciation of the home currency. E) an appreciation of the home currency.
When prices drop in response to a decline in demand for an increasing cost industry
a. producer surplus will increase but rents may decrease. b. rent earned by elastically supplied inputs will decline by more than rent earned by inelastically supplied inputs. c. rent earned by elastically supplied inputs will decline by less than rent earned by inelastically supplied inputs. d. both producer surplus and rents will increase.
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. What is Charlie's dominant strategy?
A. Rock
B. Paper
C. Scissors
D. Charlie does not have a dominant strategy.
Over a period of time, a nation's GDP increases by 3 percent at constant prices and by 5 percent at current prices. Other things being equal, the price level changed by about:
a. 2 percent b. 3 percent c. 8 percent d. 5 percent