If real GDP in 2016 using 2015 prices is lower than nominal GDP of 2016, then
A. prices in 2016 are lower than prices in 2015.
B. nominal GDP in 2016 equals nominal GDP in 2015.
C. real GDP in 2016 is larger than real GDP in 2015.
D. prices in 2016 are higher than prices in 2015.
Answer: D
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According to your text, the plans of all buyers and sellers would always be perfectly coordinated under
A) perfectly competitive market conditions. B) imperfectly competitive market conditions. C) monopolized market conditions. D) oligopolized market conditions. E) any market condition.
The global financial crisis that began in 2008 was a great illustration of how interdependent national economies are
Indicate whether the statement is true or false
Which of the following is a reason behind low standards of living in developing countries?
a. High human and physical capital per worker b. Low human and physical capital per worker c. Low birth rates d. High tax rates e. Low public expenditure
Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?
A. Pat should take the bus because it costs $0.50 less than driving. B. Pat should take the bus if saving half an hour is worth $0.50 or more. C. Pat should drive because it saves half an hour relative to taking the bus. D. Pat should drive if saving half an hour is worth $0.50 or more.